U.S. energy policies could push oil to $100 per barrel in 2022.
Andrew Wheeler, who headed the Environmental Protection Agency during the Trump administration, argues the Biden administration has 'done everything that they can' to decrease American production, which has caused prices to soar.
Now inflation is on the rise as U.S. oil and gas production has faltered. One might think cheap, plentiful, affordable energy would be a godsend, but fixations over climate change and a green energy agenda have discouraged much-needed investment in the U.S. energy and gas space. President Biden will bear responsibility for this underinvestment.
In the meantime, according to data from consultancy Rystad Energy, the third-quarter oil and gas reinvestment rate was 46% and below the historical average of 130%, in part because the industry fears new regulations, new taxes and a hostile political environment. The Wall Street Journal pointed out that the Biden administration and its climate czar, John Kerry, have been pressuring banks and financial institutions to reduce their commitments to U.S.
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