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Oil Industry Rebuts Biden’s Price-Gouging Claim, Blames His Incompetence for Gas Crisis

'When the White House started calling around in a panic, they thought shale oil production could grow sharply in the near term... '

(John McCann, Headline USA) As gas prices across the nation continue to rise, the Biden White House seems at a loss on how to fix the problem. The administration has pleaded with oil companies to boost production, while enacting policies that make it difficult to achieve that goal.

Oil industry insider Bob McNally provided an explanation for the current fuel crisis, and the White House’s role in it. According to McNally, the president and his team were terribly unaware how oil production worked, reported Blaze Media.

“When the White House started calling around in a panic, they thought shale oil production could grow sharply in the near term — like in a matter of months or quarters,” said McNally, who noted that this approach to production is completely impossible.

The Biden administration has simply not given oil companies incentive to boost production, McNally said. The oil market is a volatile one, which requires shrewd and risky investment strategies. Due to Biden’s liberal environmental policies that have shackled American oil production on federal land and offshore drilling, oil companies are dealing with a hostile national market.

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If the federal government is enacting policies that purposely seek to lessen or halt oil and gas usage and production, why should oil companies take the risk of producing more, industry experts argue.

As the average national gas price rises to a record high of $5.01 per gallon, Biden has sought to shift the blame. He has repeatedly cited the Russian invasion of Ukraine for disrupting the oil supply and has called out the apparent greed of oil companies. He accused the companies of price gauging, a dubious claim as the companies have no power or ability to change prices.

The White House has done its best to try and spin a positive outlook on the gas crisis and the economy in general. But, as the Washington Post lamented, “the messaging push has not yielded any new direct measures to lower costs.”

Biden is set to travel to Saudi Arabia in the next month to meet with Crowned Prince Mohammed bin Salman, a walk of shame to beg for oil from a man the president has previously called a killer and vowed to make a “pariah” on the world stage.

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During their meeting the issue of oil is sure to come up, as the Biden administration looks to find an off ramp regarding the fuel crisis.

 

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