Timothy Puko and Collin Eaton of The Wall Street Journal report that Secretary Granholm is urging oil companies to address high gas prices.
- While some policymakers blame corporate greed for high gas prices, pandemic-related supply chain issues and global supply and demand are largely to blame.
- In 2020 several refineries around the world closed, which continues to limit our supply of gasoline.
- While there are not many short-term fixes, policymakers can reduce regulations such as the Jones Act and the ethanol mandate to reduce prices for consumers.
- To create a more secure and clean energy future, we must unleash the innovation of domestic energy producers.
“Mr. Biden’s options to ease prices in the coming months are limited, according to analysts and economists. U.S. refining capacity has declined to about 17.9 million barrels a day as of the beginning of 2022, down about 5.4% from the start of 2020, according to the Energy Information Administration.”
Read the full article here.