According to a report by the Committee to Unleash Prosperity, President Joe Biden’s oil and gas policies are as much the reason for the recent escalation in gas prices as OPEC+’s decision to cut oil production, Breitbart reports.
There was a dramatic rise in gas prices across North America recently, after OPEC+, which includes Russia, announced it would be reducing oil production by two million barrels a day.
However, the committee countered that if Biden’s policies had maintained the direction of the previous administration, the increased oil production in the US would have more than countered this OPEC+ cut.
The group estimated that Biden’s extreme environmental policies done in the name of climate change have reduced US oil production by upwards of three million barrels a day.
Breitbart provides more details:
According to the study, Biden’s war on American energy will cost the United States nearly $100 billion in output every year, which translates to between two and three million barrels of oil a day, the same amount of production OPEC+ cut Wednesday.
Yet Biden has insisted on waging a war against the fossil fuel sector to protect the more costly and less efficient green energy sector. Biden’s war on American energy includes driving up private and public financing costs of oil drilling, halting drilling on public lands, and canceling the Keystone pipeline.
If Biden had not tied up the fossil fuel energy sector with red tape, it would produce up to three million barrels of oil a day. Biden would also have no reason to drain the SPR to a 40 year low.
READ: Biden’s Anti-Drilling Policies Have Cut Oil Supplies as Much as OPEC+ Decision