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Biden Wants Lower Oil Prices and Lower Oil Supply

Ron Bailey of Reason writes on President Biden’s oil strategy.

The C3 Take
  • To curb rising costs of gasoline, the Biden administration has tapped our Strategic Petroleum Reserve.
  • The increase in energy prices is a result of the current administration adopting an “everything but” approach to energy that targets oil and gas, instead of an “all of the above” energy strategy.
  • In order to lower costs on consumers while protecting the environment, the Biden administration should lower barriers to allow energy companies to thrive.

“To make matters worse, the slow recovery of oil production in the U.S. has allowed two loathsome regimes, one that chops up journalists and another that poisons dissidents, to effectively set the current world price of petroleum. However, the pricing power wielded by OPEC+ may not last too much longer since the good news is that the number of oil rigs drilling in the U.S. is rising and reached 563 this past week.”

Read the full article here.

The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.

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