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On Wednesday, Jan. 20, 2021, war was declared by President Biden on natural gas and oil. He canceled the XLT pipeline agreement with Canada and followed up with a freeze on drilling leases. Oil prices started to climb from $68 to $138; they are now at $95 per barrel. President Biden’s answer has been to go to Saudi Arabia to beg for a production increase. Their answer has been to cut production by 2 million barrels.
Oil is being released from our Strategic Oil Reserve until after the November elections to lower oil prices. The reserve is now at its lowest point and will soon have to be refilled for our security, at higher prices.
Oil and gas not only fuel our economy but provide many of the common products we use in our homes. A few of the items are paints, lubricants, textiles, furniture, soap, vitamin capsules and heat in the winter.
Look for inflation to continue with the price of oil increasing. We have oil in the ground in the USA; why not drill for it?
John Surinak