Biden policies could lead to ‘disaster’
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Donald Trump’s former energy secretary, Donald Trump, attacked Biden Administration’s energy policies Sunday. He linked them to inflation.
Global energy prices have risen by nearly 600% in three months. The international benchmark for oil has been exceeded by natural gas, which has seen a nearly 600% increase in its price. Brent crudeMore than 60% has been achieved in just one year. Oil is currently at $82 per barrel.
“The Biden administration’s restrictive actions — no to pipelines, no to drilling, no to the financing of oil and gas projects overseas … is a stunning reversal of the energy independence achieved under the Trump administration,” Rick Perry told CNBC’s Hadley Gamble.
Although domestic production increased, the United States did not stop importing oil. The U.S. produced more oil than it consumed on a monthly basis in most of 2019-2020. according to the U.S. Energy Information Administration
However, the latest EIA data shows this trend continuing even after Biden was elected president in 2021. The U.S. continues to export more energy than it imports.
The Biden White House pressured OPEC, its oil-producing partners including Russia, to speed up plans to raise output as gas prices rose in the United States. Last week, OPEC+ said that it would increase output. stick with its plan to increase output by 400,000 barrels per dayBeginning in December
Perry stated that “the potential for disaster” is real from both a national security perspective and whether or not it’s possible to keep the lights on.
Perry was responsible for implementing pro-oil policies at the Department of Energy. Perry, who was a former Governor of Texas has strong ties with the Texas oil and gas industry. He has also held leadership positions on two boards for petroleum companies.
Inflation problem
U.S. Secretary for Energy Jennifer Granholm has pushed OPEC’s plan to increase oil production. She also argued that renewable energy should be a long-term strategy so the U.S. doesn’t rely on its political enemies.
Perry pointed to an apparent contradiction between Biden’s stance in clean energy and its demands on OPEC+, which Perry said was obstructive.
Perry explained that John Kerry was traveling around the world lecturing on fossil fuels. Then there’s Mrs. Granholm as Secretary of Energy and asking Her Royal Highness Abdulaziz beg His Royal Highness Abdulaziz to send more crude for us to lower gasoline prices.
Perry said that “our people are suffering” citing the rapidly rising cost of oil in America. Perry said that $100 oil is feasible within six months.
Inflation in the United States annually rose at its fastest pace in more than 30 yearsThe U.S. Commerce Department released last month’s report in September, despite declining personal income.
The White House (and the U.S. Department of Energy) were not available immediately for comment. Granholm was acknowledged at the COP26 climate summit in Glasgow, ScotlandIt is clear that there aren’t enough clean energy resources to substitute for fossil fuels. The administration’s priority is to help Americans heat their homes this winter and keep their cars running.
Granholm reacted to OPEC’s decision to maintain their existing output plan of adding 400,000 barrels per month to the next year, and has since fought back.
Granholm responded to CNBC’s question about America’s relationship with Saudi Arabia as de-facto OPEC head during the COP26 climate conference. “In some areas we have strong relationships and in others we wish that our allies would go a little quicker.”
Strategic Petroleum Reserve
While President Joe Biden puts high oil prices squarely at the feet of OPEC+ members, some oil drillers attribute restrictions to the fossil fuel sector. Granholm noted that US oil and natural gas drilling has been affected by the pandemic.
Granholm said in an interview to Bloomberg last week that taping America’s Strategic Petroleum Reserve is an option for combating rising prices.
Strategic Petroleum Reserve can store up to 714 Million barrels crude oil. The largest global backup oil supply, it is located along both the Texas and Louisiana Gulf Coasts. It serves as an emergency buffer, protecting the United States from major oil shortages.
Perry pointed out the Strategic Petroleum Reserve wasn’t intended for long-term assistance, and said that taping it would prove foolish.
Perry explained that the hurricane response team is there to help in cases of national emergencies such as disasters like Hurricane Irene or Katrina. “You go in, you use it, it’s [for]Perry stated, “It took a very short time.” He added, “I don’t know which tools.” [Biden]”He’s got the tools.” “I think he is making things up as he moves.”
Biden claimed that the administration has other tools to combat high oil prices on Saturday. Biden stated that there are “other tools” in his arsenal to help deal with foreign countries when the time is right.
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