Paul Bedard reports in the Washington Examiner,
Since Election Day, gas and crude oil prices have jumped. In the United States, gas prices are up 18% and oil nearly 50%.
Said another industry expert, “In four years, we had made the U.S. energy independent and denied the bad guys the ability to control global oil prices. The Democrats undo it in two weeks. Just incredible.”
The result could be an “oil price trap” for the new president, according to Steven Kopits, the managing director of Princeton Energy Advisors. “Biden has substantial political risk heading in the 2022 midterms. 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.”
The president’s plans have played well to his base, but consumers and energy industry representatives are starting to push back. The last time gas prices reached $4 was 10 years ago.
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