Supply and demand are some of the base-level fundamentals when it comes to understanding the nature of the economy.
When goods are in low supply, demand will rise, causing higher prices. By contrast, when goods are in high supply, demand will subsequently fall, subsequently generating reduced costs.
Unfortunately, Joe Biden has done everything possible to significantly reduce the oil supply in the United States. He did this when he gutted the Keystone Pipeline roughly one year ago. The 46th President also employed other anti-energy policies, such as cracking down against oil drilling.
In light of these actions, it comes as no shock that gas prices are climbing with no signs of slowing down soon. However, as reported by the Washington Free Beacon, Biden isn’t letting this stop him from taking further measures to halt oil leasing.
On Monday, the White House announced a forthcoming oil and gas leasing prohibition. This prohibition will occur in Alaska and span across 11 million acres in the state.
The Interior Department shall prohibit leases for about 50% of the National Petroleum Reserve to bring this ban to fruition. Republican Governor Mike Dunleavy of Alaska slammed this latest energy policy from the Biden Administration.
According to Dunleavy, banning oil and gas leasing will only decrease domestic energy production and send gas prices even further through the roofs than they already are.
In remarks to the Wall Street Journal, Alaska’s Republican governor likewise accused Biden of forcing America to rely upon oil from foreign nations rather than allowing domestic energy production.
Meanwhile, the White House claimed the aforementioned anti-energy policies would somehow provide relief to species that are classified as endangered.
Towards the end of 2021, Biden foolishly tapped into America’s emergency oil supply as a means of lowering gas prices. The 46th President was rightfully panned for this.
Critics noted that using the oil supply reserved for times of crisis was irresponsible when Biden could reduce gas prices by ending his anti-energy policies.
The truth of the matter couldn’t be any plainer than it already is. As long as this administration keeps taking steps to make domestic energy production harder, gas prices will increase.
It will, in turn, make it more challenging for Americans to keep fuel in their cars and keep their homes warm during the winter season.