In the hours since President Biden announced that the U.S. would ban imports of Russian oil as punishment for its invasion of Ukraine, several Republican politicians have attempted to blame him for rising gas prices.
at the MIT Sloan School of Management, to help explain whether the Republican criticisms of Biden hold water.
“What everybody seems to be forgetting, and it’s shocking that they are, is in April of 2020 the futures price of oil was negative. It had never happened in the history of oil markets. We had a negative price," Knittel said. "People were paying others to take their oil. That is a huge disincentive to drill for more oil. The low prices, generally, that happened during the pandemic and up until the end of 2020 created a huge disincentive to drill oil. Despite that, we’ve seen U.S.
Data also shows that, on average, Biden has approved more drilling permits per month on public lands than Donald Trump did during his presidency. In fact, as, the oil and gas industry is sitting on 9,173 approved but unused drilling permits on federal and tribal lands.
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