Oil Reaches $80 per Barrel for First Time Since 2014
Oil reached $80 a barrel Friday, a seven-year-high that threatens to increase energy costs for millions of Americans at the gas pump and during the upcoming winter heating season.
“NYMEX crude has gained over 60% this year. Brent, the global benchmark, hit the $83 level and has gained over 58% this year,” Fox Business reported. In addition to its effect on consumers, higher crude prices further reflected that the United States was trailing behind as a worldwide energy leader. “We became the largest producer of oil and gas in the world, were larger than Saudi Arabia, were larger than Russia. And that was an important accomplishment for America and for the American people to have that reversed in so short a time, it is indeed shocking,” Dan Brouillette, former U.S. Energy secretary under President Trump said during a recent interview with the outlet.
The national average for gas prices jumped to $3.25 a gallon Thursday, oil and refined products analyst Patrick de Haan said in a social media post Friday: OPEC has kept production at its current levels in spite of the growing demand from the pandemic rebound and pressure coming from the U.S., the Fox article read.
The White House stated Thursday they would not act immediately to alleviate the growing gas prices across the nation, noting the need to shift consumption to green energy. “The issue of high gas prices does not appear to be part of Biden’s public messaging priorities, as he spends his time promoting his multitrillion-dollar spending agenda and his plan to increase coronavirus vaccination rates for businesses,” Breitbart News reported. In addition, the White House indicated Wednesday governments all over the world should not walk back their green energy commitments despite growing fossil fuel shortages and rising prices. Press secretary Jen Psaki was asked at the daily briefing if the White House was concerned fuel shortages in Europe would affect green energy pledges before the Glasgow Climate Change Summit in December. “We certainly hope not,” Psaki commented, and also asserted the climate crisis was more important than cheaper fuel, describing global warming as “one of the greatest national security crises the president sees.”.
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References:
- https://www.foxbusiness.com/markets/oil-hits-80-per-barrel-a-seven-year-high
- https://www.breitbart.com/politics/2021/10/07/white-house-not-acting-combat-high-gas-prices-citing-need-diversify-fuel-sources/
- https://www.breitbart.com/politics/2021/10/07/white-house-we-want-keep-gas-prices-low-climate-crisis-cant-wait/
