Biden’s policy is preventing oil prices from falling

President Biden’s controversial policies have sent oil prices soaring and threaten to worsen energy problems. This is the assessment made by James Coleman, a professor at Southern Methodist University in Dallas, Texas, in an article published by The Wall Street Journal.

Biden has previously said he intends to press local oil companies to start producing from unused fields and noted that with high oil prices, many companies are making super profits without ramping up production. Coleman noted that President Biden is criticizing oil companies “instead of taking steps to increase production.” In doing so, “Biden is sticking to his green goals” set forth in his campaign program. “This will only exacerbate the current energy problems,” Coleman believes.

“In his campaign, Biden promised to take extremely tough action on the U.S. oil industry. Since his inauguration, he has repeatedly suspended new leases and development contracts on federal lands.” Coleman recalled that President Biden had earlier signed an executive order stopping construction of the Keystone XL oil pipeline from Canada to the United States and had also called on Congress to require oil and gas companies to pay tariffs on unused leased fields.

“Because America is the largest oil and gas producer, this policy and the threat of even harsher measures have had an impact on global energy supply cuts and rising prices,” Coleman said.

In a normal situation, he says, high oil prices would have attracted investment that would have allowed production to increase, which in turn would have led to market stabilization. But the Biden administration’s aversion to fossil fuels has prevented that from happening.

President Biden attributed the rise in prices to the fact that the crisis around Ukraine had an impact on the situation. In addition, he argued that inflation in the U.S. as a whole was breaking records because of Russia’s actions.