Biden's energy policy is a political liability
The White House has big problems with its continued calls for more crude oil production from OPEC – even as it is discouraging U.S. production.
Rising domestic gasoline prices are a political problem for President Biden. Look at the tail end of the chart below from the (EIA), showing monthly gasoline prices from September 2012 through July of this year:The administration’s political dilemma is that since April 2020, when EIA reported the per-gallon cost of gasoline was $1.938, prices rose to $3.231 last month. The safe assumption is that most Americans have noticed the 66.7% increase at the pump.
The White House response last month was to – and that’s because the cost of crude oil is the No. 1 factor in the retail cost of gasoline. More supply puts downward pressure on crude costs that affect retail prices.
On Wednesday, , saying the administration wants OPEC to reverse production cuts made during the pandemic to lower prices for consumers. White House officials said the same thing earlier this week – that the administration wants more OPEC oil added to the global supply. “Competitive energy markets will ensure reliable and stable energy supplies, and OPEC+ must do more to support the recovery,” National Security Advisor said in a statement. A senior White House official told :
“The president recognizes that gas prices can put a pinch on the family budget. He’d like his administration to use whatever tools that it has to help address the cost of gas, to help bring those prices down.”
Therein lies a big energy policy problem. of Texas called the White House request to OPEC, while the administration is impeding domestic production, “pathetic and embarrassing.” A Saudi oil official expressed puzzlement to : “Isn’t [Biden] about climate change and the impact of oil on the environment? How come now they are asking for more?”
It is a puzzle. The administration continues hoping that OPEC will solve oil supply/demand imbalance instead of looking at how its policies are hampering domestic supply, captured in this tweet by American Petroleum Institute (API) President and CEO ....
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Americans are getting angrier at Biden and the Democrats every time they have to buy gas. It is added to the inflation that followed the pandemic spending by Congress. It is increasing retail prices for things that cost more to get them to the stores. Transportation costs have increased not only for auto owners but for the truckers that bring products to market for manufacturers.
Every time I pass a filling station and see the prices I want to vote against every Democrat on the ballot.
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