Former U.S. President Donald Trump (R) said in an interview with Fox News’ Maria Bartiromo on Tuesday that Biden‘s policies since taking office have sent gas prices soaring by nearly $1, which is more frightening than tax increases.
“When I look at what’s happening, (it’s important to know) we’re energy independent; (but) gas prices are going up much faster today than we’ve seen in a long Time.” Trump said. “We (have) kept oil prices very low in the past, and at the same time, we’ve generated more jobs in the energy jobs sector than ever before.”
Trump argued that a spike in oil prices would amount to a more onerous “tax” on the people and would have worse consequences than the massive tax hikes sought by Biden and the Democratic party.
“Gas prices are going to go up $1, $2, $3, and when you see that, (you understand) it’s going to have a bigger impact than a tax increase on consumers,” Trump said. “A dollar increase in gasoline is more than a significant tax increase. So (soaring gas prices) it’s a terrible thing that’s happening.”
Trump also predicted that Democrats would raise taxes to “the highest number America has ever seen” and that it would be “devastating” to the economy.
Oil prices to remain high in the future as demand grows much faster than supply
Jay R. Young, chief executive of Dallas-based oil and gas operator King Operating Corporation, told The Epoch Times in an e-mailed statement, “The national average oil prices will likely reach $3 by Memorial Day and remain near that price for most of the summer.”
Young explained that oil prices are rising because demand is recovering but supply is struggling; on the supply side, the number of active oil drilling rigs in the U.S. is nearly 50 percent less than it was at the same time a year ago.
In the long run, oil prices will remain high in the future because demand growth is far outpacing supply growth. The Organization of the Petroleum Exporting Countries (OPEC) has agreed on March 4 not to increase oil production until April, with the exception of Russia and Kazakhstan. Last April, OPEC agreed to cut oil production by 10 million barrels a day to avoid a collapse in oil prices amid an Epidemic-driven drop in demand.
Biden’s policies stifle traditional U.S. energy sector
Biden called off the Keystone XL pipeline project in Canada on his first day in office on Jan. 20, but the project promised to use entirely renewable energy by 2030 as well as achieve net-zero emissions throughout the project’s operations.
Biden signed another executive order on Jan. 27 suspending the issuance of new oil and gas leases in U.S. territories. Biden’s executive order establishes “a moratorium on new oil and gas leases on public lands or near-coastal waters to the extent possible,” and initiates “a rigorous review of all existing leases and permits related to fossil fuel development on public lands and waters.
Republicans have criticized Biden’s energy-related policies as stifling the traditional energy industry while increasing U.S. energy import dependence and hurting the economy.
Rep. Mike Kelly, a Pennsylvania Republican, told the Conservative Political Action Conference (CPAC) in February that abundant energy would not only make the United States energy independent, but also make it the “the world’s largest energy exporter” and help the United States build stronger global relationships.
On Biden’s call to halt Trump’s energy development and tap into the so-called new energy sector, Kelly noted that it is low-income people who are most vulnerable to issues such as higher electricity prices.
“The idea that this (policy) is going to somehow benefit them is absurd.” He said. “If you live in a rural area, you know this (policy) is absolutely insane.”
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