Ordinary Guy
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- Jul 16, 2021
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EXCLUSIVE: The Biden administration is exacerbating soaring energy prices by cracking down on the oil and gas industry with new regulations that limit production and discourage investments in traditional energy infrastructure, according to a new analysis published Wednesday by the Joint Economic Committee Republicans.
For months, the prices of all kinds of energy – gasoline, diesel fuel, natural gas, oil and more – have been a major driver behind inflation, which surged 7% in December, the highest level since 1982. Energy costs have climbed more than 29% over the past year, in part due to lopsided supply and demand. Consumers are traveling more, but the supply side has not kept up with the demand.
SURGING INFLATION TAKES HOLD IN MOUNTAIN STATES, WITH RATES NEAR 9%
But it's more complicated than that: The JEC study, shared exclusively with FOX Business, shows how President Biden's policies have stoked higher energy prices by "imposing new barriers to accessing American oil and gas reserves, and by discouraging investment in these historically reliable and inexpensive sources of energy." Rep. Mike Lee, R-Utah, is the ranking member of the Joint Economic Committee.
"Washington is sending conflicting messages," the report, authored by economist Hugo Dante and data analyst Kole Nichols, said. "Policymakers seem simultaneously concerned about high prices reflecting the weak supply of oil and gas, while aggressively pursuing an agenda designed to entirely phase-out oil and gas from domestic energy production."
In the early days of the pandemic, the U.S., like other oil-producing countries, shut down production and canceled new investments in expanded capacity, leading to the lowest level of oil and gas wells in the U.S. on record in the summer of 2020. But while demand has rebounded since then, production capacity remains about 13% below pre-pandemic levels, the JEC report shows.
https://www.foxbusiness.com/economy/...lation-oil-gas
MORE PROOF THAT DEMOCRATS HATE THE WORKING CLASS
For months, the prices of all kinds of energy – gasoline, diesel fuel, natural gas, oil and more – have been a major driver behind inflation, which surged 7% in December, the highest level since 1982. Energy costs have climbed more than 29% over the past year, in part due to lopsided supply and demand. Consumers are traveling more, but the supply side has not kept up with the demand.
SURGING INFLATION TAKES HOLD IN MOUNTAIN STATES, WITH RATES NEAR 9%
But it's more complicated than that: The JEC study, shared exclusively with FOX Business, shows how President Biden's policies have stoked higher energy prices by "imposing new barriers to accessing American oil and gas reserves, and by discouraging investment in these historically reliable and inexpensive sources of energy." Rep. Mike Lee, R-Utah, is the ranking member of the Joint Economic Committee.
"Washington is sending conflicting messages," the report, authored by economist Hugo Dante and data analyst Kole Nichols, said. "Policymakers seem simultaneously concerned about high prices reflecting the weak supply of oil and gas, while aggressively pursuing an agenda designed to entirely phase-out oil and gas from domestic energy production."
In the early days of the pandemic, the U.S., like other oil-producing countries, shut down production and canceled new investments in expanded capacity, leading to the lowest level of oil and gas wells in the U.S. on record in the summer of 2020. But while demand has rebounded since then, production capacity remains about 13% below pre-pandemic levels, the JEC report shows.
https://www.foxbusiness.com/economy/...lation-oil-gas
MORE PROOF THAT DEMOCRATS HATE THE WORKING CLASS
