A recent article concerning the high price of gasoline in the Golden Isles contained misleading information. The author states that the reason for high prices is that OPEC and American oil producers are tightening production. This is only accurate for OPEC. American oil production has yet to reach pre-pandemic levels because of the policies of the current administration. However, demand has increased to pre-pandemic levels.
The current administration has tightened production, not the companies. The administration has made every effort to block future production of oil and gas in America. They have stopped oil companies from drilling on federal land, canceled offshore lease sales, pressured large banks to stop lending to the fossil fuel industry, canceled the Keystone pipeline project in the Midwest and the Willow Project in Alaska. They have also threatened to eliminate the tax deductions given to other industries.
It is no wonder that oil and gas companies have not increased drilling since oil and natural gas prices have doubled and tripled over the past year. There is too much uncertainty over what the administration is planning to do next to reduce the production of fossil fuels.
This anti-fossil fuel policy is the root cause of increasing inflation. It is for this very reason that the CEO of Blackstone Inc., the world’s largest private equity investment firm, stated a few days ago that “energy inflation” will cause social unrest in the not-to-distant future.
Why the mainstream media continues to ignore this fact is beyond me.