Biden and his lackeys keep spouting the same narrative when it comes to high gas prices: There are 9,000 federal drilling permits companies can use to bolster oil production!
Biden repeated this line in his speech about banning Russian energy sources, including oil. We’ve seen gas prices go up before Russia invaded Ukraine, but it’s only going to get worse.
According to Biden, it’s Putin’s fault. It’s the gas stations’ fault because they’re price-gouging. It’s the oil companies because they’re not taking advantage of the drilling permits.
It obviously has nothing to do with inflation, right?
Mike Sommers, CEO of the American Petroleum Institute, confirmed the industry continues to use “a higher percentage of federal onshore and offshore leases than at any time in the past, and it’s continuing to increase production to meet surging demand.”
But Biden leaves out necessary information because it voids his argument:
“There’s a fundamental misunderstanding of the administration as to how the process actually works,” Sommers said in an interview on the sidelines of the conference.“Just because you have a lease doesn’t mean there’s actually oil and gas in that lease, and there has to be a lot of development that occurs between the leasing and then ultimately permitting for that acreage to be productive,” he said. “I think that they’re purposefully misusing the facts here to advantage their position.”
The majority of our foreign oil comes from Canada. It’d be more if Biden opens the Keystone XL pipeline. Mexico and Saudia Arabia come next. Russia makes up about 8% of what we got last year:
About 8% of U.S. imports of oil and refined products, or about 672,000 barrels a day, came from Russia last year, said Andy Lipow, president of Lipow Oil Associates LLC in Houston, citing figures from the Energy Information Administration. Of that, Russia’s crude made up roughly 3% of the nation’s imports, about 200,000 barrels a day.In mid-2021, U.S. imports of Russian crude hit the highest levels in about a decade, and had been trending higher in recent years, EIA data show. But Russian crude has never made up a large part of the U.S. oil supply system, Mr. Lipow said.
It’s obviously a concern despite the small amount because the Biden administration is talking to Saudi Arabia, Venezuela, and Iran about buying oil. The UN even asked about opening Libyan oil fields.
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