From Oilman Magazine
Just about half a century ago, the United States was battling rising inflation fueled by energy costs. The year was 1976, and inflation was 7.7% and gasoline prices averaged $0.59 per gallon. Four years later, inflation averaged 13.5%, peaking in February 1980 at 18%, and gasoline prices had doubled to an average of $1.19 and the U.S. economy went into a recession.
President Jimmy Carter and his administration and a majority of the members of Congress decided the solution involved increasing taxes on the U.S. oil and gas industry, creating more regulations, and implementing policies discouraging and restricting the future development of U.S. oil and natural gas resources.
Today, 45-years later, Joe Biden is President, and his policies bear a close resemblance to those of President Carter. Since his first day in office, Biden has tried to restrict, discourage and limit the ability of American oil and natural gas companies to explore, drill and produce hydrocarbons. He even has pleaded with the foreign countries of OPEC+ to produce more oil in an effort to get gasoline prices down while turning his back on the U.S. industry.
Read the rest of the story at Oilman magazine at this link: https://oilmanmagazine.com/biden-attempts-to-manipulate-oil-price-with-release-from-spr/?utm_source=sendinblue&utm_campaign=OilMan%20E-newsletter112921&utm_medium=email
