Gas Prices Skyrocket Under Biden, Show Little Signs of Slowing Down
After the coronavirus fades away into memory, Americans will start commuting to work again. Offices will begin to fill up once more, and that means more trips to the gas station. Biden’s recent attacks on the energy sector are already causing gas prices to rise and will increase American dependence on foreign oil.
American gas prices ballooned by 18% and oil nearly 50% since the 2020 Presidential Election. Experts predict that gas prices will eventually go back to $4 a gallon, prices similar to the Obama era all-time-highs.
Steven Kopits, the managing director of Princeton Energy Advisors, gave his thoughts on what Biden’s actions could do regarding gas prices. Kopits revealed, “Biden has substantial political risk heading in the 2022 midterms. He would do well to articulate a more balanced energy package because we may well see gasoline prices above $4 a gallon, and Republicans will not hesitate to finger the moratorium on leasing as the cause.”
Kopits acknowledged the growing green energy sector, but he emphasized that all energy sources must be considered to continue restoring the economy. “People still have to drive their cars today,” he said. “People still have to fly today. People still have to heat their homes today.”
The Biden Administration has ordered suspensions of new drilling leases on federal lands, eliminated “fossil fuel subsidies”, and stopped the Keystone XL oil pipeline construction. These actions have lead to massive lay-offs in the energy sector.
“The Biden administration’s plan to obliterate the jobs of American oil and gas explorers and producers has been on clear display with the cancellation of the Keystone XL Pipeline, the initial announcement of a 60-day freeze on federal leasing and permitting,” said Dan Naatz, with the Petroleum Association of America.
