Biden Energy Advisor Admits to Transition Scheme Targeting Oil
(RightWing.org) – Many people are wondering why gas prices are so high despite the US being the world’s largest oil producer. Now, an administration official has given us a clue. Making oil scarce is one of President Joe Biden’s medium-term goals.
Biden energy advisor Amos Hochstein: We need to stop projects and limit oil usage to "accelerate the transition." pic.twitter.com/ItxMdcmAnJ
— RNC Research (@RNCResearch) July 19, 2022
On October 19, CNN ran an interview with Amos Hochstein, an energy advisor with the Biden Administration. Hochstein started off by making encouraging noises about boosting US oil production, which the White House hopes will hit record levels next year. That makes sense because right now, ordinary Americans want gas prices to fall, and increasing production should help with that.
The White House hopes for record US oil production next year.
But will oil cos respond when the Dept of Energy also wants to buy SPR oil back at $68-72/barrel.. a far lower price than today? Why invest if prices heading down but your costs are up? pic.twitter.com/2N9doPu2VI
— Brian Sullivan (@SullyCNBC) October 19, 2022
However, almost without a pause, Hochstein admitted that the administration’s real goal is for oil production to be gradually throttled. He said the goal is to have enough oil and gas “to support us through the transition” — but beyond that, they don’t want the oil industry starting long-term projects.
What Hochstein and the administration don’t seem to have asked themselves is why would the oil industry cooperate with a plan that effectively puts a sunset clause on their businesses. If oil companies aren’t allowed to start new long-term projects, then, in 50 years at most, there won’t be an oil industry. The Biden Administration doesn’t seem to care — but the oil companies will.
That’s going to have implications as soon as next year when Biden plans to start refilling the Strategic Petroleum Reserve that he’s been plundering since he was elected. He expects oil companies to sell him vast amounts of oil at around $70 a barrel to replenish the stocks he’s sold off. The question is, why should they?
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