Energy Secretary Jennifer Granholm—who thinks it’s laugh out loud hilarious that the Biden administration could impact the cost of energy to us Americans—made the patently erroneous claim that President Joe Biden (D) is doing everything he can to reduce [gasoline] prices for American families.
Oil is a global market, and so Biden is helpless alone?
High school economics: increase the supply of something relative to demand for it, and prices for that something come down. Conversely, reducing supply relative to demand drives up the price.
It’s in the offing. This time, President Joe Biden is threatening to inflict his “emergency powers” on American oil producing companies if they don’t produce more oil.
President Biden may resort to using emergency powers if American oil companies don’t increase output at their refineries, the president told oil CEOs in a series of letters Wednesday.
Biden’s statement blames oil companies for running “historically high profit margins” even as Americans experience surging gas prices.
Never mind that they cannot just turn on the faucet and more oil comes out of the tap. It takes lots of money and quite a bit of time to reopen capped wells, and it takes even more money and lots of time to drill a new, producing well.
In a Friday Wall Street Journalop-ed centered on the high and rising cost of fuel and the deleterious effect that’s having on our businesses and our economy, Collin Eaton, David Harrison, and Doug Cameron had this remark:
The administration has also tried cajoling US oil companies into increasing production, but few have chosen to do so, instead sticking to leaner budgets urged by investors.
That’s laid off to the maxed out refineries in the US, so there’d be no place to ship increased production, anyway. That’s a player, certainly, but it’s a relatively minor one.
President Joe Biden (D) wants half the new cars sold in the US to be electric, and he wants and 500,000 new charging stations for them, both by 2030. He considers reliable EV charging stations to be critical to getting us switched over to battery cars.
Charging stations are necessary (assuming the switchover itself is necessary; it’s not, but that’s a separate story), but they’re far from sufficient. The important thing here is reliable electricity running to each charging station—electricity from the grid. But that requires hydrocarbon-powered electricity generating plants, and it requires the electric grid, itself barely able to handle current loads—see the rolling blackouts that are routine in California and that have become a risk in Texas—to be upgraded to handle the vastly increased loads imposed by all those battery-powered vehicles, whether charged at the charging stations or in the home garage.
The US 5th Circuit Court of Appeals is hearing a case concerning whether the President personally has the authority to suspend new oil- and gas-lease sales. The particular case centers on climate change concerns as the rationale, but the authority is much broader than that, or it’s non-existent.
The State plaintiffs argue that
a 1987 law dictating the ways in which oil and gas leases will be sold stipulates that a sale must be held at least four times annually in states with eligible land. … “…President Biden put his campaign promises above federal law: By executive fiat, he halted oil and gas leasing on federal lands.”
If Russian gas to Europe stops flowing entirely, “this would do severe damage to Europe’s economy and also undermine global growth,” Mr [EurasiaGroup’s Director, Energy, Climate & Resources, Henning] Gloystein said.
That damage, were it to be inflicted by Russia’s President Vladimir Putin, should prod Europe, and especially Germany, decisively away from Russian gas (and oil) altogether, as it would make clear—or should make clear—just how many weapons, including economic, the men and women of Russia’s government are willing to use in order to club Europe into submission.
OPEC once again has rejected pleas to increase oil production in the face of rising oil prices.
Ministers of Arab oil-producing countries gathered in Saudi Arabia on Sunday, refusing pressure for OPEC+ to increase production again amid coronavirus pandemic recovery efforts and as a potential war looms in Europe.
On Sunday, Saudi energy minister Prince Abdulaziz bin Salman told an industry conference in Riyadh how the pandemic and recovery efforts have “taught us the value of caution,” Reuters reported.
Bin Salman and his OPEC counterparts also have learned another thing: the value of supporting Russia—the major OPEC ally that adds the ‘+’ to OPEC—rather than a timid and irresolute Progressive-Democrat American administration.
This is an example of what happens when President Joe Biden (D) presses his assault on our nation’s energy production industry, presses his enthusiastic destruction of our energy independence, and does his kowtowing to Russia (and to OPEC) regarding that nation’s and that cartel’s oil and natural gas production and sale.
He’s reduced the United States of America to begging other nations for energy, and those nations along with Russia are now showing their contempt for Biden’s obsequiousness.
The Biden-Harris administration wants our oil companies to produce more because energy prices are too damn high. Never mind that it’s Biden-Harris policies that have crippled American oil and natural gas production and driven those prices so much higher.
The Biden administration says that oil companies face no government constraints on drilling more in the short run, even as it presses the companies to shift long term to cleaner forms of energy in response to climate change.
Which is a complete lie. Then we get this from Energy Secretary Jennifer Granholm, via her spokesman: