A video of Biden from March of 2020 has been circulating of the then-candidate in recent days and shows him talking about cutting back domestic oil production.
The clip was from the Democratic presidential primary debate between him and Sen. Bernie Sanders. In the clip, Biden promises to slow down the US energy industry by using regulations and slashing subsidies.
“No more subsidies for the fossil fuel industry. No more drilling including offshore. No ability for the oil industry to continue to drill period. It ends,” said Biden during the debate.
Predictably, less fuel production means higher gas prices, which many Americans are facing right now. On Thursday, the average price for gasoline broke records and passed $5 per gallon.
“It’s been one kink after another this year, and worst of all, demand doesn’t seem to be responding to the surge in gas prices, meaning there is a high probability that prices could go even higher in the weeks ahead,” Gasbuddy’s lead petroleum analyst Patrick De Haan said.
The gas price has been exacerbated in recent months by world events such as the Russia/Ukraine crisis and the pandemic, but domestic efforts to bring down oil production have also increased prices.
It’s simple economics that if there is less product being domestically produced, then the price will go up. It’s basic supply and demand principle, but the Biden administration seems to have wholly ignored it.
Last Tuesday, Biden’s Commerce Secretary Gina Raimondo told CNN, “There isn’t very much more to be done” when it comes to fixing gas prices.
The statement was in response to a question by reporter Kate Bolduan asking, “What is actually still on the table to bring gas prices down at this point?”
Raimando replied, “The reality is that there isn’t very much more to be done.”
It appears that the Biden administration has all but thrown in the towel on fixing the high gas prices and they are likely here to stay. The administration has consistently made moves to increase oil prices instead of decrease them. They cancelled oil drilling leases last month and have made it harder for domestic oil companies to produce – just as Biden promised in 2020.
In June, the Biden administration instead used the Defense Production Act to stimulate the production of solar panels to tackle the U.S. energy problem.
The Biden administration doesn’t seem to understand basic supply and demand. They’ve been consistently making policy decisions that decrease our domestic supply – meanwhile they gaslight the American public on what’s really causing the hike. They’ve blamed it on Republicans, Putin, and everything else but their own decision making so far. Do you think Biden is to blame for the high gas prices?