Joe Biden made it clear on the campaign trail that he was going after Fossil Fuels.
Now, he is trying to pretend his energy policies haven’t led to skyrocketing gas prices. He is blaming everyone but his administration.
Biden warned Oil Companies saying that they have to work
President Joe Biden on Wednesday called on U.S. oil refiners to produce more gasoline and diesel, saying their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices at the pump.
“The crunch that families are facing deserves immediate action,” Biden wrote in a letter to seven oil refiners. “Your companies need to work with my Administration to bring forward concrete, near-term solutions that address the crisis.”
The American Petroleum Institute released a blistering statement responding to the Biden administration.
The American Petroleum Institute, which represents the industry, said in a statement that capacity has been diminished as the Biden administration has sought to move away from fossil fuels as part of its climate change agenda.
“While we appreciate the opportunity to open increased dialogue with the White House, the administration’s misguided policy agenda shifting away from domestic oil and natural gas has compounded inflationary pressures and added headwinds to companies’ daily efforts to meet growing energy needs while reducing emissions,” API CEO Mike Sommers said in a statement.
An article from Zero Hedge explains how this is Wall Street and the Biden administration’s fault.
Declining US refinery capacity has nothing to do with Putin’s actions in Ukraine, but instead, Democrats and Wall Street, who’ve been on a crusade over the last several years, pushing for a transition to a low-carbon economy that disincentivized oil companies from reinvesting and expanding refinery capacity. Instead, oil companies were forced to slash capacity by upwards of 1 million barrels from April 2020 to 17.95 million bpd as of June.
Putin has been a frequent strawman abused by what may be the worst administration since Carter, for its failed green transition of the economy and skyrocketing fuel prices.
Of course, no matter how many angry letters the president sends, or what emergency moves he takes like releasing millions of barrels in SPR reserves into the market to prevent a decimation for the Democrats, the bottleneck in refinery capacity cannot be quickly resolved. The lack of understanding of the refinery bottleneck shows just how unseasoned the administration is at tackling the core of the problem months ago.
Americans should blame the fuel crisis on the administration, the Democrats, and Wall Street’s hypocritical ESG movement that has crippled refinery capacity for years, if not forever, just as we warned exactly one year ago in “Will ESG Trigger Energy Hyperinflation“.
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