By Stephen Moore -
The price of oil surged to $75 a barrel the other day under President Joe Biden’s green energy policies. The price was as low as $35 a barrel under former President Donald Trump because he believed in American energy dominance (“Drill, baby, drill”). So, more oil meant lower prices at the pump. It was effectively a massive, multibillion-dollar tax cut for lower- and middle-income earners of tens of billions of dollars a year.
But now, with the exploding demand for energy as the world economy reopens, the self-defeating Biden policy is to curtail oil drilling here at home, which is often done by the smaller and independent “wildcat” drillers. Instead, this administration enriches the major oil companies such as Exxon and Chevron with existing wells that are suddenly more profitable to drill. This is why the gas price at the pump is $3.29 a gallon nationally and above $5 a gallon in California.
Are these higher-energy prices transitory?
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