During the Presidential election all the liberal media outlets spent thousands of hours promoting the Trump Russian Collusion. In reality Russia wanted Joe Biden to get elected or any Democrat. So did Saudi Arabia and all the other oil producing countries.
Let’s look at why we are paying so much at the pump remembering under Trump one year ago the US was oil independent producing enough oil to supply the US and become a major exporter of oil and gas to the rest of the world. Two weeks into his Presidency Biden shut down the XL Pipeline. Immediately after he closed the Arctic National Wildlife Refuge to oil and gas leases. These wells were producing enormous output supported by Alaska’s Congressional delegations. Shortly after he suspended all new oil and gas leases, and drilling permits on federal lands. On February 13, 2021, he cancelled all oil and gas leases in the Gulf of Mexico.
The impact of these shutdowns and closures was the layoff of thousands of workers throughout the north, midwest and south on the XL pipeline, Hundreds more in the Arctic National Wildlife refuge, in Billings Montana after he suspended oil, and gas, and drilling permits on US land, in Louisiana cancelling new oil and gas leases. The overall impact was not just the loss of jobs on drilling and oil and gas exploration. It encompassed local businesses, hotels, restaurants, grocery stores, gas stations, etc. resulting in hundreds more local workers being laid off.
We are now no longer oil and gas independent. In Russia oil and natural gas represents 40% of their national revenue and more than half of their exports. The completion of the Nord Stream Pipeline in Russia increases their dominance. In Saudi Arabia oil and gas represents more than 50% of their GNP and 70% of their exports. Saudi Aramco, the country’s national oil company, represents 60% of the country’s national revenue. They recently refused to assist the US by increasing oil production. While the US has significantly more oil and gas in the ground the Biden administration has stopped the production. We gave up our oil independence to support foreign countries rather than support oil producers in Texas, Oklahoma, Louisiana, Montana, Alaska, South Dakota, Nebraska, etc.
The cost of a barrel of oil prior to the Biden Administration was $35.00. The current price of a barrel of oil is $83.00 with OPEC seeking to raise prices. In the next two months we are headed to $5.00 per gallon of gasoline, $6.00 or higher by spring. California has already exceeded $7.00 a gallon. If you live in the Northeast, or for that matter anywhere in the northern US, heating oil is currently over $3.00 a gallon and is only going to increase. This lies squarely on the Biden Administration and the liberal Democrats in Washington, DC.
William R. Bellotti
Bellotti served as Deputy Labor Commissioner under Gov. John Rowland