The Biden administration is once again proving it is completely tone-deaf as to the plight of the average American.
Biden is reportedly going to make yet another move to try to buckle the oil industry.
Reuters has reported that the administration is about to introduce more red tape and fees to the oil industry that will ultimately raise prices even more.
Back on His Word
Joe Biden said he would do everything possible to lower gasoline prices.
Biden even authorized tapping into our national reserve to release 50 million barrels to increase the flow of oil, a move that has generated more criticism than praise.
That release will take about two weeks to complete because of pipeline restrictions, but what do we do after that?
This is nothing more than a limited fix, as we still have a significant decrease in supply domestically, which is a significant contributor to rising gasoline prices.
Even if we do see relief from the release of the barrels from our reserve, it will be a mere flash in the pan compared to the measures being taken by this administration to get the oil industry to buckle.
Reuters reported, “One source said the report will discuss royalties and fees that drillers are required to pay for drilling on federal land, as well as non-competitive leasing – a controversial process where leases not sold at an auction can be sold directly to interested companies during the following two years.”
If these royalties and fees are raised, those costs will be passed down to consumers.
When you consider that roughly 25 percent of our entire domestic supply is generated through federal leases, that will have a fairly significant impact on pricing.
Donald Trump had this country on the road to energy independence.
More importantly, the energy policies of the previous administration made us completely oil independent, meaning we no longer had to rely on OPEC to set the market, which is one of the reasons gasoline prices were so low during the previous administration.
A 20-gallon tank could be filled up for under $50, but today, that same tank is hitting your bank account for three figures.
In states like California, that price is significantly higher, as it could cost more than $300 to fill up a tank with premium.
Joe Biden’s America… it is not a pretty picture for the average American.