The Biden administration’s policies are hindering U.S. oil and gas companies from producing energy commodities, driving up the price which in turn results in consumers paying more, according to Jerry Simmons, the president of the Domestic Energy Producer Alliance (DEPA).
Simmons noted that on his first day in office, Biden revoked the Keystone XL oil pipeline contract, a 1,700-mile pipeline that was designed to carry roughly 800,000 barrels of oil a day from Alberta to the Texas Gulf Coast, passing through Montana, South Dakota, Nebraska, Kansas, and Oklahoma.
“At the same time, the Energy Information Administration just issued a report where they said that currently, worldwide fossil fuels provide between 80 and 85 percent of all the energy consumed. And by 2050, that projection is still at 70 plus percent. So you know, oil, gas, and coal aren’t going to go away anytime soon,” he added.
“But the Biden administration has done all they can to hinder us. We have some tax deductions that we get for doing business in this country that they’re trying to remove, and again, that drives up the cost and when you drive up costs, people stop doing certain businesses, or they increase the cost of doing that business and pass it on to the consumer, which is exactly what’s happening.”
Since the start of this year, gas prices have risen 35 percent amid lower supplies and a surge in demand as pandemic-hit economies around the world reopen, prompting fears that there is simply not enough gas stored up for the winter if temperatures were to be particularly cold in the northern hemisphere.Read more here: https://www.theepochtimes.com/bidens-policies-are-hindering-us-oil-and-gas-companies-from-producing-energy-placing-increased-costs-on-consumers-depa-president_4071163.html?utm_source=partner&utm_campaign=whatfinger