Biden Administration Weighing Steps to Address Gas Shortages: White House
The Biden administration is weighing its options to deal with fuel and natural gas shortages that have caused prices to surge in recent weeks ahead of the winter season, said White House press secretary Jen Psaki on “Wednesday.”
The president has asked his economic team, as they do on any range of issues impacting the public, to perpetuate to discuss what the options are that we can take to address these shortages, Psaki said during a news briefing.
Without elaborating, Psaki verbally expressed that she is “not in a position yet to outline supplemental steps we can take” and verbalized there is a “range” of steps the Biden administration can take.
The U.S. average for gas prices was $3.288 per gallon as of Wednesday, according to the American Automobile Association (AAA). The Energy Information Administration (EIA) warned (pdf) that the cost of heating oil is expected to ascend about 43 percent compared to last year due to
higher expected fuel costs as well as more consumption of energy due to a more gelid winter.The agency expects propane to ascend by 54 percent, natural gas costs to ascend by 30 percent, and overall electricity costs to ascend by about 6 percent. The average U.S. household could spend around $1,734 in heating oil during the 2021 to 2022 winter season, which is up from about $1,210 during the past winter season.
As we have moved beyond what we expect to be the deepest part of the pandemic-cognate economic downturn, magnification in energy demand has generally outpaced magnification in supply, EIA acting Administrator Steve Nalley verbalized. “These dynamics are raising energy prices around the world.”
U.S. crude oil this week reached $80 a barrel for the first time in seven years, as the Organization of the Petroleum Exporting Countries (OPEC) commenced restricting output. On Wednesday, Psaki responded to reports claiming Biden administration officials are meeting with oil and gas companies, verbalizing she is not cognizant of any discussions between the administration and energy companies.
The spike in energy prices—namely gas—is sure to trigger even more reproval against the Biden administration. Republicans and industry groups have faulted President Joe Biden for peregrinating to suspend construction of the Keystone XL pipeline, aggressively pushing for electric conveyances and renewable energy sources, and later asking for more crude oil engenderment from OPEC and Saudi Arabia rather than depending on domestic engenderment.
In 2019, oil production hit a record of proximately 13 million barrels per day. But the Energy Department on Wednesday verbalized that output will average only 11 million barrels per day in 2021 afore ascending to 11.7 million barrels per day in 2022.
Source: You can read the original Epoch Times article here.
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