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As a result of his domestic war on the oil and gas industry, energy prices for American families continue to hit records with no relief in sight. For months, President Joe Biden has repeatedly tapped the Strategic Petroleum Reserve and claimed it was helping to ease the pain at the pump. Not only has the depletion of the emergency supply not decreased gas prices, we're learning the supply is being sold to foreign countries. "More than 5 million barrels of oil that were part of a historic U.S. emergency oil reserves release aimed at lowering domestic fuel prices were exported...

Joe Biden continues to deflect blame from his own energy policies for the high prices Americans are paying for gas, including by claiming gas station owners are price gouging. “My message to the companies running gas stations and setting prices at the pump is simple: this is a time of war and global peril,” Biden tweeted on Sunday. “Bring down the price you are charging at the pump to reflect the cost you’re paying for the product. And do it now.” The U.S. Oil and Gas Association tweeted back: “Working on it Mr. President,” the association tweeted. “In the meantime...

U.S. President Joe Biden has proposed blocking all new drilling in the Atlantic and Pacific Oceans as the world cries out for more energy from more sources far from Russia, the Middle East, and the OPEC oil cartel. Biden is also moving to shut down exploration and production of oil and gas on onshore federal lands while acknowledging the importance of fossil fuels in the U.S. energy landscape, as Breitbart News reported. A plan released Friday shows the White House proposed no more than 10 potential lease sales in the Gulf of Mexico, an option for one potential lease sale...

Biden economic advisor Brian Deese said that Americans should 'stand firm' on paying record-high gas prices because the 'future of the liberal world order' is more important. 'What do you say to those families that say, 'listen, we can't afford to pay $4.85 a gallon for months, if not years?' the director of the National Economic Council was asked on CNN Thursday. What you heard from the president today was a clear articulation of the stakes. This is about the future of the Liberal World Order and we have to stand firm,' he replied. Deese added: 'At the same time,...

he price of oil may rise to a “stratospheric” $380 per barrel if US and European sanctions lead Russia to reduce its crude supply in retaliation. This was disclosed by JPMorgan analysts endorsed by Natasha Kaneva in a note to clients seen by Bloomberg. Back story The Group of Seven (G7) leaders recently discussed a plan to cap the price of Russian oil in order to put pressure on Moscow, which is benefiting from rising energy prices, and cut off its sources of funding for the invasion of Ukraine, which prompted the note. A price exception could work through a...

The data shows that there were 4,082,478,000 barrels of crude oil produced in 2021, an amount that is greater than any time in American history, except 2020 and the peak in 2019. 2017: 3,415,257,000 Barrels of Crude Oil2018: 3,993,288,000 Barrels of Crude Oil2019: 4,485,635,000 Barrels of Crude Oil2020: 4,129,563,000 Barrels of Crude Oil2021: 4,082,478,000 Barrels of Crude Oil (https://www.wusa9.com/article/news/verify/united-states-produces-more-oil-than-any-other-country-fact-check-russia-impact-on-gas-prices/65-7814c6e2-5437-4201-b021-face477e5462) Despite this drop from 2019's peak, the levels of production in 2021 were unmatched globally. "The United States is the number one oil producer in the world," Weiner said. "We produce more oil and gas than any other country in the...

Gas prices could climb well above their current near-record levels to “apocalyptic” heights if hurricane season results in significant disruptions for US oil refiners ... efforts to lower prices could be “overwhelmed if we have an active tropical season” that impacts domestic refining efforts in the Gulf of Mexico, OPIS energy analysis global head Tom Kloza ... insidious for inflation are the values for diesel and jet fuel. Stocks of those fuels are not building, they’re tight internationally and that’s where we’re going to have to pay the piper in the last 100 days of the year.” Hurricanes in the...

...It’s easy to look at the gas pump right now and think that station owners are taking you for a ride. But the business model of gas stations is a bit counterintuitive. Most gas stations barely turn a profit on their core product — and when the price of oil goes up they may even take a loss on it. Battling small margins, cutthroat competition, and the looming threat of electric vehicles, many gas stations are more reliant than ever on secondary revenue streams.... The profit pipeline Gasoline begins its journey as crude oil, largely sourced on home soil in...

President Joe Biden demanded Wednesday that gas stations start lowering their prices, in his latest attempt to address record-high prices this summer. “To the companies running gas stations and setting those prices at the pump, this is a time of war, global peril, Ukraine,” he said. The president spoke about the record high gas prices occurring during his administration during a speech on his imitation White House set across the street. “These are not normal times. Bring down the price you are charging at the pump to reflect the cost you are paying for the product,” Biden said. “Do it...

Americans are more worried about inflation hurting their wallets than they should be — and they should “calm down” and “stop complaining” about it, according to a Washington Post columnist. “Overall, many Americans aren’t suffering as much as they think they are and we can think things into existence because we are unrealistically fearful of something that hasn’t happened yet,” the paper’s personal finance columnist Michelle Singletary said during a Wednesday appearance on MSNBC. “We don’t know if we’re in a recession yet.” Singletary downplayed concerns about the impact of rising prices after MSNBC anchor Chris Jansing pointed out a...

On Thursday, "The View" co-host Joy Behar asked White House press secretary Karine Jean-Pierre how to convince Americans that skyrocketing inflation and gas prices were not President Biden's fault. "The case has been made that inflation is an intractable problem around the world. We talk about it here all the time, and not just in a crisis in the states but in the eyes of many voters, ‘the buck stops with the president,’ to paraphrase Harry Truman. But with the president's handling of inflation and the economy hitting lows in recent polls, how do you make the case to voters...

U.S. gas prices hit an average of $5 per gallon for the first time last week, according to AAA. Americans are having to spend more of their hard-earned money on energy. But who is really to blame? It is probably helpful to start with a breakdown of the components of the price of gas. The cost of crude oil is the biggest cost component of a gallon of gas and can skew the cost. In January, via the U.S. Energy Information Administration, the cost of crude was just over half the cost of gasoline, at 52%. In February it was...

Joe Biden on Wednesday delivered remarks on soaring gas prices from his fake White House set in the South Court Auditorium. Biden repeated the same lies in his speech and blamed Vladimir Putin for high gas prices. "Let’s remember how we got here: Putin invaded Ukraine,” said Biden. Gas prices spiked before Putin invaded Ukraine. Joe Biden scolded Republicans and said there is no way they can simultaneously blame him for high gas prices AND oppose Putin’s invasion of Ukraine. "So, for all those Republicans criticizing me for high gas prices in America, are you now saying we were wrong...

According to two sources, around the time of Russia's late February invasion of Ukraine, a cyber unit of Russia's GRU military intelligence service again conducted targeting-reconnaissance operations against a major U.S. liquefied natural gas exporter, Freeport LNG. U.S. LNG exports have long been a priority concern for Russia, viewed by Russian President Vladimir Putin as a means for the United States to undercut Russia's domination of the European gas market. On June 8, Freeport LNG suffered an explosion at its liquefaction plant and export terminal on Texas's Quintana Island. The damage suffered means the facility is not expected to resume...

Austria, Germany, Italy and the Netherlands announced plans this week to prepare to resurrect old coal plants as gas supplies dwindled. The moves came just days after Moscow reduced natural gas flows to several European countries, including Italy and Slovakia, alarming leaders who are worried about energy reserves ahead of winter. That’s not the direction in which these government wanted to move. A return to coal would controvert climate policy already in place in Amsterdam and Berlin. Some officials are concerned about the longer-term threat such a move would post to efforts to fight climate change in Europe. “We have...

Federal Reserve Chairman Jerome Powell said Wednesday that Russia’s invasion of Ukraine is not the primary driver of inflation. In a Senate Banking Committee hearing Wednesday morning, Sen Bill Hagerty (R-TN) pointed out that inflation rose from 1.4 percent in January of 2021 to seven percent by the end of the year, months before Russia invaded Ukraine. It has since risen another 1.6 percentage points. “Given how inflation has escalated over the past 18 months, would you say the war in Ukraine is the primary driver of inflation?” Hagerty asked. “No,” Powell responded. “Inflation was high. Certainly, was high before...

The federal government currently charges 18 cents in taxes per gallon of gasoline [cut] Biden's ex-boss, former President Barack Obama, called a gas tax a "gimmick" on the campaign trail back in 2008. At the time Obama said a gas tax holiday was a "gimmick" to save Americans half a tank of gas over the summer so that lawmakers could "say that they did something." There is also concern about a gas tax holiday's impact on already record-high inflation. The Committee for a Responsible Federal Budget, a non-partisan group that advocates for reducing the federal budget, previously argued that suspending...

Bank of America has sounded the alarm on the US economy, predicting growth will stall next year and that the likelihood of a recession will surge. In a note published on Friday — two days after the Federal Reserve hiked interest rates by 75 basis points — analysts said the Fed was too slow to aggressively tackle inflation, which is running at a 40-year high, and abruptly scrambling to get on top of it. Now the bank sees GDP growth slowing to nearly zero by the second half of 2023 because of the influence of tighter financial conditions. While the...

The White House blamed food shortages across the country on Russian President Vladimir Putin on Tuesday, accusing him of “weaponizing food.” “President Putin is, no kidding, weaponizing food,” said White House National Security Council coordinator for strategic communications John Kirby on Tuesday. “Let’s just call it what it is, he’s weaponizing food.”

If there’s a topic uppermost on most people’s minds today, it is certainly the surge in inflation over the past year. Soaring prices have affected virtually every person in the country. And Americans say they know who’s responsible: President Biden. Surprisingly, that includes more than half of all Democrats, too. May’s 8.6% annualized inflation rate, the highest in 40 years, shocked financial markets and alarmed consumers and workers alike. As we’ve been reminded over the years, inflation acts as a tax on everyone, lowering standards of living, raising costs across the board, and eroding the very foundations of a productive...