Gas prices are on the rise again, experts say, and will continue to rise at least into 2022.
The national average hit a seven-year high thanks to even higher prices in northern and western regions of the country.
The unexpected price increases during the fall season — when demand and prices typically decline — are again prompting questions of how much blame should be placed on Joe Biden and his policy to wean the nation off fossil fuels to stave off "climate change".
Analysts are saying that yes, persistently high oil and gasoline prices can be at least partially attributed to the president’s goal of shutting down the fossil fuel industry.
Crude oil prices continue to climb.
Energy analyst David Blackmon said that the Biden administration has been “doing all it can” to slow growth of the domestic shale industry. “Public policy matters, and the public policy of this administration has signaled that oil and gas is now a disfavored industry in America,” Blackmon wrote.
When analysts and traders observe an administration backing policies it believes will suppress supply, that places upward pressure on prices. Those policies can also dissuade investment. Environmental groups are urging supporters to avoid investing in fossil fuel producers. Pension funds for public employees in New York, Maine and California have announced plans to divest from fossil fuel investments in coming years. Private investment banks are following suit.
Biden, suddenly wary of rising gasoline prices, recently called on OPEC to increase production.
There’s little incentive for them to comply, especially with higher prices putting more money into their hands after a tough year.
https://www.msn.com/en-us/money/markets/gas-prices-projected-to-stay-high-through-2022-now-can-we-blame-biden/ar-AAPFBdT
The national average hit a seven-year high thanks to even higher prices in northern and western regions of the country.
The unexpected price increases during the fall season — when demand and prices typically decline — are again prompting questions of how much blame should be placed on Joe Biden and his policy to wean the nation off fossil fuels to stave off "climate change".
Analysts are saying that yes, persistently high oil and gasoline prices can be at least partially attributed to the president’s goal of shutting down the fossil fuel industry.
Crude oil prices continue to climb.
Energy analyst David Blackmon said that the Biden administration has been “doing all it can” to slow growth of the domestic shale industry. “Public policy matters, and the public policy of this administration has signaled that oil and gas is now a disfavored industry in America,” Blackmon wrote.
When analysts and traders observe an administration backing policies it believes will suppress supply, that places upward pressure on prices. Those policies can also dissuade investment. Environmental groups are urging supporters to avoid investing in fossil fuel producers. Pension funds for public employees in New York, Maine and California have announced plans to divest from fossil fuel investments in coming years. Private investment banks are following suit.
Biden, suddenly wary of rising gasoline prices, recently called on OPEC to increase production.
There’s little incentive for them to comply, especially with higher prices putting more money into their hands after a tough year.
https://www.msn.com/en-us/money/markets/gas-prices-projected-to-stay-high-through-2022-now-can-we-blame-biden/ar-AAPFBdT
