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U.S. oil production is higher under President Joe Biden than it has been this century, the White House said on Wednesday.
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Biden is calling for Congress and states to halt the gas tax and laying the blame for high prices at the feet of Russian President Vladimir Putin. At the same time, his administration now insists it is doing all it can to keep oil production high.
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“We are now at close to record levels of production here in the U.S.,” Energy Secretary Jennifer Granholm told reporters. “It’s nearly 12 million barrels a day. Under this president, the country is producing more oil on average than it did during the Bush, Obama, or Trump administrations.”
That would mean more oil is now being produced on average than at any point since January 2001, when Bush took office.
The United States is also releasing 1 million barrels a day from the Strategic Petroleum Reserve, pushing the daily total near 13 million. Unfortunately, that hasn’t stopped prices from rising, with the national average hovering at about $5 a gallon. Biden wants Congress to halt the gas tax for the summer, but such a move would only lower the price by 18 cents a gallon for gas and 24 cents a gallon for diesel.
Biden has faced criticism for his energy policies since taking office, with industry advocates blaming him for high gas prices.
“The important thing isn’t whether energy production has increased, but whether it has increased enough to keep pace with demand, and it clearly hasn’t done that,” said Mario Loyola, senior fellow at the Competitive Enterprise Institute and Florida International University professor. “President Biden campaigned on punishing the oil industry, and even now leading Democrats want to impose ‘windfall profits’ taxes that would further constrict supply and drive up gasoline prices. It’s no surprise that oil companies are reticent to invest in capacity expansion under this administration.”
Granholm noted during her comments that gas prices are up around the world, highlighting what she called the president’s limited role in increased output.
“The fact is that no president alone can control the price of gasoline, and we need more players at the table,” she said. “The president is asking Congress to act. He’s asking states to act. He’s asking the oil and gas industry to do their part as well.”
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Along with repeating calls to move away from fossil fuels in order to break the boom and bust cycle of gas prices, Granholm said oil and gas companies need to lower prices in lieu of higher profits.
“With so many businesses enjoying high profits, our message is simple — that this is the time to reinvest those profits that enable them to better meet the needs of our citizens, instead of using it for shareholders or stock buybacks,” she said.
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