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Gasoline prices continue to rise under Joe Biden’s Administration. The cost of fuel could return to $4 per gallon due to new regulations issued by the President.
Biden’s new measures related to climate regulations, the President’s shutdown of energy mining on federal lands and foreign production cuts could become an “oil price trap” for the new President, according to Steven Kopits, Managing Director of Princeton Energy Advisors.
According to industry experts this increase will be felt even more once Americans return to work after vaccinations take hold, which would cause greater demand on supply.
“Biden has substantial political risk heading into the 2022 midterm elections. He would do well to articulate a more balanced energy package because we are likely to see gas prices above $4 a gallon,” he told the Washington Examiner.
Since Election Day, gas prices have risen 18% and oil almost 50%.
Biden’s climate change policies have impacted other areas. In addition, he has suspended new drilling leases on federal lands, restricted U.S. funding in global carbon energy programs, eliminated “fossil fuel subsidies,” halted construction of the Keystone XL pipeline, and placed a moratorium on federal leases in the Arctic Wildlife Refuge.