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    Home > Chemicals Industry > Petrochemical News > Oil and gas prices have soared into Biden's new pain point in the midterm election year

    Oil and gas prices have soared into Biden's new pain point in the midterm election year

    • Last Update: 2023-03-06
    • Source: Internet
    • Author: User
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    US President Joe Biden announced on March 8 that he would impose an energy embargo on Russia and stop importing oil, natural gas and coal
    from Russia.
    He admitted that this sanctions can hurt Russia, but "the United States will also have to pay the price.
    "

    Associated Press analysis that Biden balances domestic concerns about high oil and gas prices and calls by Democrats and Republicans in Congress to increase sanctions against Russia
    .
    Rising oil prices have become Biden's new conundrum
    in this election year.

    Who is to blame for the price increase

    Biden visited Texas, a major petrochemical state, after announcing the energy ban on March 8, where he was asked if he had anything to say
    about domestic oil prices.
    "It's going to go up," he said, "and [we] can't do much right now.
    .
    .
    The responsibility lies in Russia
    .

    Biden tried to avoid blaming him for the rise in oil prices, jokingly calling it a "price increase"
    caused by Russian President Vladimir Putin.

    The Associated Press said Biden is afraid to repeat that statement
    in the coming days.
    Oil prices in the United States are rising at an alarming
    rate.
    The average price of gasoline in the United States rose to $4.
    17 per gallon (1 gallon is 3.
    8 liters)
    on the 8th.

    The top Republican Party blamed Biden for the rise in oil prices, pointing to the White House's push for environmental protection measures that hurt domestic energy production and pushed up oil prices
    .
    However, many Republican lawmakers pressured Biden to impose an energy embargo on Russia, which also caused concern in the energy market and contributed to the rise
    in oil prices.

    A poll released March 7 by Quinnipiac University showed that 70 percent of Americans favor an oil embargo, even if that means higher
    oil prices.
    But for many "car owners," the AP notes, high oil prices are not easy to digest
    .

    "How long will this last? Will we be willing to pay for $4, $5, $6 a gallon for gas? Virginia resident Vikas Grover said
    as he refueled.

    Another local resident, David Custer, said Biden should cancel the environmental executive order he signed after taking office and promote "energy independence" in the United States, or he would like to "get my vote.
    "

    Rising oil prices and concerns about rising costs of other goods in the United States, scheduled for congressional elections in November, could make it even more difficult
    for the Biden administration and the Democratic Party, which has a narrow majority in both houses of Congress.

    Powerless?

    Samantha Gross, director of the Energy Security and Climate Initiative at the Brookings Institution, a Washington-based think tank, said changes in oil prices reflect the international situation and "very little that Congress or the president can actually do.
    "

    Gross believes that the Biden administration may further use the Strategic Petroleum Reserve to stabilize oil prices
    , as it did last November.
    The White House announced on the 8th that it will release more than 90 million barrels of crude oil
    from the Strategic Petroleum Reserve this fiscal year.

    "In the short term, this will help lower oil prices," but if Russia's special military operation against Ukraine continues, "in the long run, the situation is grim
    .
    "

    The United States, a major producer of oil and liquefied natural gas, imports crude oil and refined petroleum products from Russia, including nearly 700,000 barrels per day last year
    .

    Associated Press analysis that even if the Biden administration relaxes environmental protection regulations and accelerates the production of oil and gas across the United States, it still cannot reduce oil prices
    .
    There are also signs that the United States is seeking alternatives to crude from Venezuela and Saudi Arabia
    .

    U.
    S.
    executives have made rare contacts
    with Venezuela, a South American oil producer.
    Some public opinion believes that the United States may relax or lift sanctions against Venezuela in exchange for dissociating the alliance between Venezuela and Russia, and hopes to import crude oil directly from Venezuela to ensure its own energy supply
    .

    The move drew criticism
    from Republicans.
    Representative Yvette Herrier, a Republican and New Mexico congressman, said foreign oil should never be considered superior to U.
    S.
    energy independence
    .


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