This week, the media outlet criticized President Joe Biden for his war on US oil as gasoline prices soared to $5 per gallon.
“US energy suffers from a long-term investment deficit that cannot be resolved by interim measures,” Jeff Curry, head of commodities at Goldman Sachs, said on Thursday. wall Street Journal, In articles written about the US lack of refining capacity, it has been said that President Biden’s excessive energy policy is responsible for the lack of US energy investment.
“The real culprit is the policy of the US government. Some older refineries were closed because the companies did not justify the cost of the upgrade as the government forced them to switch from fossil fuels. magazine Wrote. “They also need to consider stricter EPA permit requirements – the agency recently appealed for a permit for an Indiana refinery – and stricter biofuel requirements.”
“The United States has lost about one million barrels of refining capacity per day due to the pandemic. Several new refineries have opened in Asia, but the International Energy Agency recently reported that global capacity fell by 730,000 barrels per day last year. magazine continuity.
New York Times “The US has lost 5.9% of its refining capacity since 2019 as refineries were restructured to produce new products or shut down because costs exceeded revenues.”
Biden’s energy war, which included increasing private and public spending to finance oil drilling, halting drilling on public lands and canceling the Keystone pipeline, has fired smaller refineries. By magazineThe Biden Environmental Protection Agency (EPA) is concerned with the restriction of oil refinery.
“Rising lending prices have resulted in job losses for some small independent refiners. Small refiners may seek temporary relief from authorization if they show “disproportionate economic hardship”. But the biofuel lobby opposes these exceptions, and the EPA has rejected 69 requests for exceptions. magazine Wrote.
As a result, refineries that remain in the US are struggling to keep up with demand under Biden’s leadership; The president was unable to prevent the invasion of Ukraine with sanctions, just after the global pandemic subsided, increasing demand.
The refineries needed to convert oil into gas and other products are operating at capacity: Russia’s refineries have closed and US refinery capacity has fallen by nearly 5%, according to the Energy Information Administration. Washington Post accepted.
Curry, who reduced the impact of the Ukraine war on oil prices, said that the increase in energy prices was due to the lack of US investment in the fossil fuel sector.
A customer fills his car with gas in Petaluma, California, on May 18, 2022. California gasoline prices exceed $6 per gallon for the first time (Justin Sullivan/Getty Images)
Curry, Fed’s rate hike to fight inflation “Let’s say the global slowdown is due to the Fed,” he said. “It can cause a comeback [oil] price, but not a long-term solution. ”
“There is only one long-term solution to this problem – investing in large amounts of capital in this space to clear the bottleneck,” Curry said. “What are the reasons for the lack of capital investment?” ‘ Curry asked. In naming Environmental, Social and Corporate Governance (ESG), Curry explained that one of the main reasons the US is not prepared for energy price increases caused by various factors is an over-focus on left-wing investment strategies.
On the way to the campaign, then-candidate Joe Biden vowed to wage war on the American oil industry by ending drilling subsidies and examining feasibility.
“I want you to look me in the eyes. I assure you, I guarantee you that we will end fossil fuels,” he said.
“No more fossil fuel subsidies,” Biden said in 2020. – No more drilling, it’s already on the shelf. The oil industry has no way to continue drilling, period,” Biden said about energy policy if he wins the presidential election. “This is the end.”
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Source: Breitbart
