The explosion came as the great oil Beiden turned to OPEC for more courage

The American Petroleum Institute, which represents the U.S. oil and gas industry, argues that President Joe Biden should work to increase domestic oil production before he travels abroad.

“The first place you go is American manufacturers, not OPEC, who have been held hostage for decades,” API President Mike Somers told CNN Business.

In response, a White House official stressed the need for “safe and stable energy markets” at this critical time in the global recovery from the epidemic.

“President Biden has made it clear that he wants Americans to have a fair supply of energy, including a pump,” the official told CNN.

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The average oil price in the seven-year high was $ 3.18 a gallon, up from $ 2.18 a year ago. High energy prices are a reflection of supply as more people fly and drive more vaccines.
OPEC and its partners, known as OPEC +, will continue to cut off supply at the beginning of the epidemic. They gradually added barrels.

Biden’s administration on Wednesday called on OPEC + to fight higher energy prices. “More needs to be done to support recovery,” said National Security Adviser Jack Sullivan.

It should be noted that BED is the only recent US president to seek OPEC assistance – a move that even former President Trump has taken over US power. (After Trump, OPEC takes unusual steps to encourage small oil spills to save domestic oil producers from the historic collapse and price war in OPEC).

In a statement to customers on Thursday, Goldman Sach Strategist White House said it was “unthinkable” to convince OPEC + that the delivery would be effective in the short term. The Wall Street Company has expressed concern about the weakening of demand in the Delta.

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He said the API, which is interested in domestic energy production, would be a better solution for US oil producers.

“We have this strategic importance of energy – started by President Obama – we must do our best to promote production in the United States,” he said. ExxonMobil (XOM), Chevron (CVX) And other major oil companies in the United States.

Sorority has criticized the Binden administration for its crackdown on the fossil fuel industry.

“It’s ridiculously thick,” Sommer said. We are talking about an administration that did nothing but try to restrict US oil and gas development in the office for the first eight months.

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On the first day of the bureau, he immediately moved to join the Paris Agreement on Climate Change, repealing a temporary ban on oil and gas leases in the Arctic and a license for the Kiston XL pipeline. Start transporting Canadian oil by 2023.
The Binden administration has suspended oil and gas leases on federal land and water – a move that was temporarily suspended by a federal court in June.

“I’m not saying what Biden did in the first eight months. We’re seeing high prices today,” Sommer said. There is no doubt that there are significant market forces in the game.

The Somers API strongly disagrees that the lease is not affecting today’s prices. Instead, that move – along with the cancellation of the Kiston XL – has increased regulatory distrust that is hampering future domestic investment.

Why U.S. oil producers don’t come to the rescue

But it is not the only reason why US oil production is slowing down to recover from the epidemic.

Over the past decade, oil companies have been under intense pressure from Wall Street to get more practice and share profits. They do not rush to save.

“This has always been an under-performing asset,” Sommer said. There is a fiscal discipline in the oil industry today. The focus has been on reviving investors over the past decade, especially in 2020.

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Of course, Binden’s administration’s tough approach to the oil and gas industry is in the throes of a climate crisis – especially four years after Trump’s rule.

The International Atomic Energy Agency (IAEA) has warned that the world must stop oil and gas drilling to prevent climate change.

The White House official emphasized that gas prices today are in the middle of most decades and are in the middle of the Trump administration.

But we need to be vigilant, the official said.

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