The Biden White House has reportedly been talking to gas and oil companies about reducing the cost of fuel as high prices were one of the many issues that Biden has struggled to solve.
“Energy prices are going up worldwide, in some cases causing shortages in top economies such as India and China. In the U.S., the average price of gas was at a seven-year high, and winter fuel prices are now expected to go up. Oil-and-gas production stays under the nation’s peak which was reached in 2019,” Reuters said. “The discussions with energy companies went into several issues, including prices, according to another person close to the discussions. The White House was in discussions with the oil industry over preventing methane emissions recently.”
A White House official said to Reuters that they were “closely watching the price of oil and the price of gas Americans are paying” and said that “anti-competitive practices” might be responsible for the increasing costs, although they gave no evidence.
“It might take six months to complete a new well and get the gas and oil to market,” the report said. “Any call by the administration for a boost in American production will probably fall on deaf ears, according to one oil executive, who would not want to be identified going against this approach. The industry has also not been happy with some of Biden’s earlier measures, like a temporary drilling pause on federal lands, that they believe is an attack on their industry.”
Anne Bradbury, the CEO at the American Production Council, said to Reuters, “By going through with policies that limit supply and make it more difficult to produce natural gas and oil here in America, Americans must pay more for their energy.”
The news comes as Democrat President Biden threatened private companies this week if they would not fix supply chain problems, which has been an ongoing issue for months, but the administration only now seems to be getting aggressive to fix it.
“If America’s private sector does not step up, we will call them out and ask them to take action,” Biden said. “I want to be certain, this is a commitment to going to 24/7. This is a huge first step in speeding up the flow of goods through our country but now we must have the rest of the transportation industry and other private sectors to step up too.”
Author: Steven Sinclaire
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