Steven Kopits, managing director of Princeton Energy Advisors, has become alarmed that gas prices have risen 18% since Election Day, while oil prices have risen nearly 50%.
The Washington Examiner cited Kopits as saying that President Joe Biden’s rash embrace of costly, unsuccessful “green-energy” policies would harm all Americans financially and harm the president politically.
“Biden has substantial political risk heading in the 2022 midterms,” he told the Examiner.
“He would do well to articulate a more balanced energy package because we may well see gasoline prices above $4 a gallon, and Republicans will not hesitate to finger the moratorium on leasing as the cause,” stated Kopits, who has worked in the oil industry for over 30 years.
The prices of fuel in the United States shot up by 30% since last year, partly due to the international situation but mainly boosted by the new energy policies imposed by Biden, who seems to be interested in increasing prices even more to develop businesses associated with renewable energies, experts warned.
Since November 2020, the national average price per gallon of fuel increased from $2.20 to $2.85, and since March 13, the price has surpassed $3 in at least nine states.
The most worrying thing is that price increases show no signs of slowing down, and the federal government’s commitment is clearly not aimed at reducing fuel prices, but instead it seems to benefit from this increase since it places it in a more favorable position to develop the renewable energy market and comply with the leftist agenda of the Green New Deal.
According to experts, the price increase is due in part to a question of supply and demand. After the reactivation of the economy following the lifting of quarantines at the end of 2020, there is a greater demand for fuel that faces a lower production and sale of oil to refineries. But these increases were enhanced, and could even worsen, following the environmental and energy policies implemented by the Biden administration.
Myron Ebell, director of the Competitive Enterprise Institute’s conservative Center for Energy and the Environment, told The Washington Times that “demand for oil and gas is rising after nearly a year of calm. Americans are starting to return to a semblance of normalcy as the numbers from the COVID-19 pandemic improve.”
But the supply of oil and fuel is also decreasing. U.S. oil wells and refineries have slowed considerably because of the crisis.
Dan Naatz, vice president of the Petroleum Association of America, said that Biden’s devastating decision to cancel the Keystone XL Pipeline, which resulted in the loss of 11,000 jobs, demonstrated that he does not care for American workers.
Naatz told the Examiner that “The Biden administration’s plan to obliterate the jobs of American oil and gas explorers and producers has been on clear display with cancellation of the Keystone XL Pipeline, the initial announcement of a 60-day freeze on federal leasing and permitting.”
Last month, Marty Durbin of the US Chamber of Commerce’s Global Energy Institute released a statement saying Biden’s decision to “impose an indefinite ban on new energy production on federal lands and waters is bad policy and counterproductive to the goals of supporting the economy and combatting climate change.”
The Global Energy Institute issued a statement saying that “By 2022, 14.8 million jobs could be lost, gasoline prices and electricity prices could almost double, and each American family could see their cost of living increase by almost $4,000.”
Karen Harbert, CEO of the American Gas Association, said that “Without fracking, the U.S. would surrender our status as a global energy superpower. … Beyond that, banning fracking would make America much more reliant on foreign sources of energy, weakening our national security.”
“Every American family could face higher prices for the energy they consume and the products and services they buy, and almost 15 million Americans could be out of work. These extreme and irresponsible proposals should not be considered,” Harbert warned.