As gas prices continue to soar higher, Joe Biden has asked OPEC+ to boost output, and was quickly rebuffed. After that, he floated tapping the strategic oil reserve to boost supply – a reserve that Trump added to amid record low oil prices, and did so for emergencies, not for a later president to save face.
Gas prices are now at seven year highs, or in other words, levels not seen since Biden was the Vice President. And amid those high prices and asking OPEC+ to boost production, he’s mulling cutting more production domestically.
According to Fox News:
The Biden administration is reportedly weighing the potential market consequences of shutting down an oil pipeline in Michigan, drawing criticism from opponents. Former Michigan Gov. Jennifer Granholm, Biden’s energy secretary, predicted Sunday that heating prices will rise this winter regardless of the Biden administration’s decision on the pipeline. “Yeah, this is going to happen. It will be more expensive this year than last year,” Granholm told CNN.
The administration has yet to decide on what to do with Line 5 and officials were gathering information only to present a clear picture of the situation, according to sources who spoke to Politico.
Line 5 is part of a network that moves crude oil and other petroleum products from western Canada, transporting about 540,000 barrels per day. Petroleum is taken from the pipeline in Escanaba, Michigan.
Days prior, Energy Secretary Granholm laughed out loud when asked about gas prices, pretending that they were entirely out of their control.
On the first day of his presidency, Joe Biden signed an executive order cancelling the Keystone XL pipeline extension that would have brought oil from Canada to American refineries. Days later, he signed an executive order pausing federal drilling leases.
What effect on gas prices does the Biden administration think that had?
Matt Palumbo is the author of The Man Behind the Curtain: Inside the Secret Network of George Soros
