Biden Energy Advisor Admits to Transition Scheme Targeting Oil
One of President Joe Biden’s medium-term objectives is to make oil scarce. Despite the US being the world’s top oil producer, many people are confused about why gas prices are so high. We now have information from a government official.
Why would the oil sector comply with a strategy that essentially gives their companies a sunset clause is a question Hochstein and the administration don’t seem to have considered. There won’t be an oil business if oil corporations aren’t allowed to begin new, long-term projects for at least 50 years. The oil firms will care even though the Biden Administration doesn’t seem to.
That will have repercussions as early as next year when Biden plans to begin replenishing the Strategic Petroleum Reserve that he has been raiding since winning the election. He anticipates that oil companies will sell him a sizable quantity of oil at a price of about $70 per barrel to replace the inventories he has depleted. Why should they, then, is the question.
