The White House is reportedly now mulling how best to respond to surging oil prices which are putting pressure on both inflation and the President’s ‘Build Back Better’ Agenda.
The White House is reportedly now mulling how best to respond to surging oil prices which are putting pressure on both inflation and the President’s ‘Build Back Better’ Agenda.
Why it Matters: Rising energy prices have now put the Administration in a bind as it attempts to shift the US economy away from carbon-based fuel sources. Expanding pipeline capacity and authorizing more drilling and energy exploration will likely bring prices down in the short to medium term and bring much-needed relief to consumers already suffering under record-breaking inflation rates, however doing so would also undermine the Administration’s stated green energy goals.
The Details: According to the Wall Street Journal Biden’s top advisors are now mulling over several options in an attempt to decrease the pain at the pump including potentially releasing oil from the U.S. Strategic Reserve as well as attempting to induce OPEC into pumping more oil.
What Conservatives are Saying:
Biden is blaming Russia and OPEC on our high gas prices.
— Rep Andy Biggs (@RepAndyBiggsAZ) November 2, 2021
I don't remember Russia or OPEC halting our oil and gas leases…
The Biden Administration came to power, disrupted leases for drilling on federal land, began new regulations on the oil and gas industry, blocked pipeline production, and pretends it can't control gas prices. They can't admit high prices are part of their plan.
— Erick Erickson (@EWErickson) November 8, 2021
What Liberals are Saying:
One issue that seems to have influenced voters Tuesday was the price of gasoline — over which Biden has no control. Here's US gas prices and the world price of oil (divided by 42 to make it a price per gallon) pic.twitter.com/rSwv1q8DzN
— Paul Krugman (@paulkrugman) November 4, 2021
Two days ahead of the OPEC+ virtual meeting, US President Joe Biden is pointing fingers: "If you take a look at gas prices and you take a look at oil prices that's a consequence of thus far the refusal of Russia or the OPEC nations to pump more oil" #OOTT pic.twitter.com/k4N5g8NQbO
— Javier Blas (@JavierBlas) November 2, 2021
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