Before we look at the Biden administration’s actions on oil and gas, let’s review how prices are set in a free market economy. When supply goes down and demand stays the same, then prices rise. That’s because more people want to buy a resource that has become more scare, so sellers can raise the price. Now, has the Biden administration taken action to reduce the supply of oil and gas?
Well, consider what he did right after taking office in January 2021.
CNBC explains:
President Joe Biden on Wednesday signed a series of executive orders that prioritize climate change across all levels of government and put the U.S. on track to curb planet-warming carbon emissions.
Biden’s orders direct the secretary of the Interior Department to halt new oil and natural gas leases on public lands and waters, and begin a thorough review of existing permits for fossil fuel development.
[…]On his first day in office…
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