U.S. oil prices hit a seven-year high under President Biden’s failed energy policies.
The rise is energy prices is a result of basic economics – a boost in demand from consumers matched with lower supply.
Unfortunately for U.S. consumers, added supply is not expected in the immediate future.
The Organization of the Petroleum Exporting Countries and Russia, known as OPEC+, ignored requests from the White House to increase production output.
US oil prices rose to the highest level in seven years after Opec and its allies declined to accelerate plans to increase crude production, snubbing calls from the White House to help tackle a growing global energy crunch https://t.co/i9kEZ5S42y pic.twitter.com/AXWXalv9SJ
— Financial Times (@FinancialTimes) October 4, 2021
#OPEC+ said it would stick to an existing pact for a gradual increase in #Oil output, sending #Crude prices to 3-year highs and adding to inflationary pressures that consuming nations fear will derail an economic recovery from the #Pandemic. https://t.co/atTQxKeKSY
— The Epoch Times (@EpochTimes) October 5, 2021
Critics commented on social media.
Thanks to Joe Biden’s far left policies, U.S. oil prices are at the highest level since 2014. Americans are now paying $1+ more per gallon of gas than one year ago.
Biden’s failure has decimated our energy independence! https://t.co/wcZHabqtNr
— RNC Research (@RNCResearch) October 4, 2021
BREAKING: US oil prices hit highest level since 2014. The only thing Biden is "building back better" is inflation.
— Cassandra (@CassyWearsHeels) October 4, 2021
Oil prices near 7-year highs but don’t worry- inflation is “transitory”
— Liz Peek (@lizpeek) October 5, 2021
OPEC has refused Biden's requests. Oil prices are surging to highest since 2014.
Biden is proved impotent once again in negotiating America’s interests against every other power structure on the world’s stage. As a result, America has never been weaker.
— Tricia Flanagan (R-NJ) (@NewDayForNJ) October 5, 2021
Under former President Trump, America was energy independent.
However, Biden’s energy policies are hostile against fossil fuels and are reversing the Trump-era energy policies.
Recall that Biden canceled production of the Keystone XL pipeline and halted new oil and gas drilling leases on federal lands through executive orders shortly after being sworn into office.
Americans are experiencing high gasoline prices at the pump and natural gas prices doubled this year, whereby, higher heating costs are expected this winter.
Of immediate concern, OPEC+ is ignoring Biden’s request for additional supply so there’s no relief in sight.
While Biden claims to want to help American families, his energies policies are causing more harm than good.