Gas prices have been steadily rising since President Biden took office. His administration has taken great pains to blame everyone else except their own policies for the spike at the pump. At a time when inflation for all goods is the worst it has been in 40 years, you would expect the administration would do everything it can to increase the supply of oil.
On Monday, the administration announced that it would be returning to the Obama-era policies of regulating leases on arctic drilling. Instead of looking to increase the number of permits for energy companies to explore for more oil, they are limiting them sharply. The world was a much different place six years ago during the Obama administration. An energy crunch is sweeping across the world currently because of the sanctions imposed on Russia for its war in Ukraine.
Russia is responding in kind by demanding that countries who want to buy its energy pay in rubles. Thus far the EU countries have refused to do that, and Putin has responded by turning off the gas for both Poland and Bulgaria. If he continues to keep his promise, and Europe holds fast on refusing to pay in Rubles, there will be an immediate increase in demand for energy on the international market. Gas prices will continue to rise.
President Biden has taken cosmetic action to this point. Release oil from the strategic reserve, for example. The challenge with this is that the United States consumes 20 million barrels of oil per day. The amounts Biden has released have not been large enough to make any appreciable difference.
The only sane action to take is to unleash the American energy sector. When Biden took office America was energy independent. His policy actions of canceling the Keystone Pipeline and increasing regulations on energy have once again made us dependent on foreign dictators for our energy. If the crisis in Ukraine has taught us anything is that countries can use our dependence on foreign energy as a leverage piece in international relations. Biden should be increasing drilling in the Arctic, not diminishing it.