Power The Future (Oct. 4, 2022) –  After the Biden Administration took a victory lap over gas prices, America’s families are once again witnessing increased pain at the pump. The retail price of gas is heading up just as leaders of OPEC will meet to discuss cutting production which will further squeeze supply and drive prices even higher. Meanwhile, President Biden has drained the United States Strategic Petroleum Reserve more than all previous presidents combined and it now sits at the lowest level since 1984.

The Wall Street Journal editorial board writes, “Oil prices rose Monday on news that the Organization of the Petroleum Exporting Countries (OPEC) and its allies may agree on Wednesday to cut production. The Saudis and Russia are underscoring the folly of President Biden’s limits on oil and gas production, and his non-emergency release of oil from the national petroleum stockpile.”

The Biden administration’s punishing regulations and lack of permits is crushing American producers and hurting American consumers. The Journal continues, “Producers normally respond to rising prices by raising output. That was true in the past in the U.S., especially from 2016 to 2019 when production increased by about three million barrels a day. But U.S. producers haven’t responded to higher prices during the Biden Presidency as much as those in other countries, including Russia, Canada and Norway.” 

“This is a man-made energy crisis brought on by failed leadership,” said Larry Behrens, communications director for Power The Future. “Thanks to Joe Biden surrendering American energy independence and draining our strategic reserve, we find ourselves at the mercy of hostile foreign actors. Not only are families paying Biden’s massive inflation tax with every purchase, but our strategic reserve is at its weakest point in a generation.”

Americans are watching closely as gas prices rise and our energy independence falls.