Thanks to OPEC production cutbacks, global oil prices surged to $87 a barrel this week.
This means gas prices will soon rise well above $4 a gallon nationally.
These price hikes are like a multibillion-dollar tax on American families and drivers, with money going straight into the coffers of the OPEC nations and Russia.
The Saudis and Vladimir Putin couldn’t have scripted it better.
But there’s another villain here: President Joe Biden’s “put America last” war against our domestic fossil fuels.
Our best estimate, based on data from the Department of Energy’s forecasts, is that if we had stuck with Trump policies (rather than the constraints on anti-oil and gas imposed by Biden climate-change policies and related ESG initiatives), by today the United States would’ve produced roughly another 1.2 billion to 3.5 billion more barrels since Biden took office.
This added production could’ve completely neutralized the effects of OPEC production cuts and price hikes.
The chart nearby shows pre-pandemic and the pre-Biden projections of oil production by the end of 2023 versus the actual drilling that has happened under Biden.
The value of the oil production lost due to this war on American energy and the reduced drilling ranges from $104…