The Biden administration is scrambling to address yet another potential crisis as OPEC countries announce major news, which could heavily affect our gas prices. But instead of telling the truth for a change they’re throwing out empty promises. Gee, where have we heard that before?
As gas prices remain at record highs, Biden through his press secretary Karine Jean-Pierre is insisting that the administration will be able to lessen the impact of OPEC’s surprise oil production cuts. But analysts are predicting the complete opposite as though they’ve seen this script before too.
In an unexpected announcement, OPEC, made up of Saudi Arabia, Venezuela, and other nations with a significant share of global oil production, announced they would reduce output by 1.15 million barrels per day from May through the end of 2023.
The price of Brent crude, which is used in the drilling of offshore oil drilling wells, surged from $79 per barrel on Wednesday to $85 per barrel on Friday.
Analysts predict that the move will increase gas prices by $0.30 per gallon in the United States. Gas prices in the country are currently $3.53 per gallon, according to AAA.
The White House responded to OPEC’s move ahead of the busy summer travel season, during a press briefing on Tuesday.
The reality is that the Biden administration’s policies have only made things worse. The Inflation Reduction Act, which allocated billions of dollars for renewable energy initiatives, has done little to reduce fuel expenses. In fact, it has only made the United States more reliant on expensive and unreliable sources of energy.
According to data from the Energy Information Administration, national average gas prices were $3.42 per gallon at the end of March 2023, marking a 44% increase from $2.38 per gallon in January 2021.
The Inflation Reduction Act, which allocated billions of dollars for renewable energy initiatives, has done little to reduce fuel expenses. In fact, it has only made the United States more reliant on expensive and unreliable sources of energy.
Instead of supporting domestic oil and gas production, the Biden administration is wasting taxpayer dollars on pie-in-the-sky green energy projects that have yet to deliver results.
Here we are again preparing for a busy summer. The administration claims they’ll do everything to lower the prices as they go up because of OPEC. The only reason the prices won’t be too high is because Biden was forced to allow project Willow in Alaska, after he promised his base there would no longer be oil drilling on federal land. Watch if project willow does help keep low gas prices, the Biden admin will take it as their win when they had no choice.
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