Biden’s ‘war against oil’ is Pushing Prices Up, US Shale Execs Say; Gas Prices Rise to $7 at California Stations

Biden’s ‘war against oil’ is Pushing Prices Up, US Shale Execs Say:

President Biden’s “war” on fossil fuels is to blame for soaring oil prices, according to executives at American shale companies who vowed to limit drilling despite crude creeping toward $100 per barrel.

“The Biden administration is waging a war against oil that makes it far more difficult to invest in drilling that would boost production and bring down prices,” Chuck Duginski, CEO of Oklahoma-based shale driller Canvas Energy, told Financial Times over the weekend.

Duginski and other shale executives blasted the administration last week for placing restrictions on drilling on federal lands and waters.

The executives also criticized delays to drilling permits as well as comments critical of the fossil fuel industry.

“The US is blessed with amazing natural resources but we are walking away from them,” Duginski said.

Harold Hamm, founder of Continental Resources, told FT that the Biden administration was more focused on “putting us out of business” than in bringing down high gas prices.

“It’s political power,” the billionaire Hamm said.

“They believe that is what their base wants. But, I’m sorry, a lot of those people want to buy gasoline at decent prices and heat their homes.”

A White House spokesperson told The Post: “The President is committed to lowering prices at the pump for Americans and maintaining a stable and secure energy supply, while delivering on the most ambitious climate agenda in history.”

“The President is not holding back US energy production — there remain thousands of approved but unused federal permits, and US production remains strong,” the spokesperson said.

“At the same time, recent price volatility only underscores the urgency of building out sources of clean energy — as President Biden and Congressional Democrats have done — to reduce the influence of the decisions of foreign countries that don’t share our values.” —>READ MORE HERE

Gas Prices Rise to $7 at California Stations:

Gas prices are on the rise nationwide, and people were surprised to see the price for a gallon of unleaded gasoline at over $7 in some parts of California last week.

Many American drivers have experienced the headache that comes with higher gas prices as inflation grips the nation and the price for a barrel of crude oil continues to climb.

The increased prices come as interest rates remain high from the Federal Reserve hikes earlier this year. The national average price for regular gasoline was $3.83 per gallon as of Tuesday, 11 cents higher per gallon than a year ago.

California had the highest average at $5.84 per gallon and Mississippi had the lowest at $3.26, according to a chart by the AAA. Following California, Nevada, Washington, Hawaii and Oregon also topped the list.

The prices are slightly lower than a week ago, when California residents took to social media to complain about the high prices and express their disbelief. TikTok user @princess.evian posted a video at a Mobil gas station in Los Angeles last Sunday where prices were reportedly $7.39 for a gallon of regular gasoline, much higher than the national average.

“LA is actually insane & evil tell me [why] do I choose to live here?!” the text in the video reads. In the video, the user can be heard asking “how anybody is supposed to live when gas is that much?”

As of Tuesday, the video has more than 800,000 views.

Newsweek has reached out to @princess.evian through TikTok for comment.

The post also gained traction on X, formerly Twitter, where @DC_Draino reposted it and blamed the situation on President Joe Biden. —>READ MORE HERE

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