Friday, November 5, 2021

Oil production

Because of fracking the US started to export oil and achieved a certain amount of energy independence. Then things changed quickly when Biden was elected. The administration has put any new Alaskan production on permanent hold and frozen any new exploration and development auctions in the lower 48 states and offshore. One of the results is a hike in the price of gasoline by more than one dollar since the election and Biden is concerned so he asked OPEC to increase production. When Energy Secretary Granholm was asked about this she said she did not control OPEC and they refuse to increase production. Why she just didn't say the US will increase production is a mystery.

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