Energy

Attack on Biden’s energy policies, Trump’s former energy secretary

Attack on Biden’s energy policies, Trump’s former energy secretary

Highlights

  • Oil and natural gas prices have jumped globally in the last 3 months
  • Former United States Secretary of Energy, Rick Perry says, the possibility of $100 oil in next 6 months
  • “The probable for disaster is real for both in a national security viewpoint and if or not we literally can keep on the lights,” he said

Attack by Trump’s former Energy Secretary

On Sunday, Donald Trump’s former energy secretary slammed Joe Biden’s energy policy. He linked them to inflation, arguing that U.S. oil industry regulations and growing domestic expenses could lead to “disaster.”

In the previous three months, global energy costs have risen dramatically. Natural gas has increased by about 600% this year, while Brent crude, the worldwide oil benchmark, has increased by more than 60% year to date. Crude is currently trading about $82 per barrel.

“The Biden administration’s restricted policies —no drilling, no pipelines, no financing of oil and gas projects overseas are some of the striking reversals energy independence of Trump administration” Rick Perry told reporters.

However, according to the most recent EIA data, that pattern continued when Biden was elected president in 2021, with energy exports exceeding imports.

As gas prices have climbed in the US, the Biden administration has pressed OPEC and its oil-producing partners, particularly Russia, to speed up plans to raise output. However, that group, known as OPEC+, announced this week that it would continue to increase output by 400,000 barrels per day beginning in December.

“The risk of calamity is quite real,” Perry warned, “both in terms of national security and whether or not we can keep the lights on.”

The Future Focus

Aside from pressuring OPEC to increase oil production, U.S. Secretary of Energy Jennifer Granholm has pushed the Biden administration’s plans to develop domestic clean energy, arguing that the United States should focus on renewable energy as a long-term strategy to avoid being “reliant on political adversaries.” Perry drew attention to an apparent inconsistency between the Biden administration’s clean energy position and its push on OPEC+ to increase oil production.

About Strategic Petroleum Reserve

Up to 714 million barrels of crude oil are stored in the Strategic Petroleum Reserve. It is the world’s largest backup oil supply and is located along the Texas and Louisiana Gulf Coasts. It’s intended to act as a safety net for the US in the event of a catastrophic supply disruption, such as a natural disaster or a war.

The Strategic Petroleum Reserve, Perry said, isn’t built for “long-term help,” and tapping it would be “a fool’s errand.”

Leave a Reply

Your email address will not be published. Required fields are marked *