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Poll: Half of Those Unwilling to Get Vaxx Cite Concerns.Please let us know if you're having issues with commenting. Due to constraint capacity on pipelines, the United States’ output from the reserve is 4.5 million barrels per day.Įconomy Politics Gas Joe Biden Kamala Harris Oil pipeline The immediate impact of the raid was an increase in oil prices.
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On Tuesday, Biden raided the Strategic Petroleum Reserve to lower gas prices, despite Vice President Harris slamming then-President Donald Trump in 2020 for refilling them. Biden also rejoined to Paris Climate Accords and is conducting an environmental regulatory review of repairs instituted by the Trump administration that protected American energy independence. In January, Biden canceled the Keystone XL Pipeline and is also considering canceling the Michigan Line 5 pipeline. The recommendation to Congress to increase the cost of oil production is the latest tactic in the war on American energy independence. “We were energy independent one year ago, now we are at the mercy of OPEC." Kyrsten Sinema (D-AZ) have opposed many provisions in the package, including tax increases, hits to American energy independence, and welfare provisions. The package was passed in the House last week and will likely find its way into the Senate, where it stands little chance of passage as written. The report from the administration coincides with the massive tax and spend reconciliation package that Democrat leaders are attempting to jam through Congress.
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But after 13 states sued and overturned the order, “Shell, BP, Chevron and Exxon Mobil offered $192 million for the rights to drill” in the Gulf of Mexico. Consumes Per Day /ik4yFU50vgĪfter taking office, Biden threatened American energy independence by mandating a temporary ban on oil leases until Friday’s report was issued. Doesn't Know How Many Barrels of Oil U.S. The rate increase, according to the New York Times, would generate about an extra “$2.5 billion in new revenue by the end of the decade,” which oil companies would pay to the federal government, though consumers would absorb the increased cost the companies incur. So far, the Biden-Harris administration has collected $1.6 billion more from oil leases in 2021 than in 2020.Īn increased royalty rate would be the first rate hike since 1920 and would fulfill President Biden’s campaign promise to global warming activists and the far-left.Ĭlown World: Energy Sec. In recent weeks, the Biden-Harris administration has asked OPEC to increase oil supplies and requested the Federal Trade Commission conduct an investigation into oil companies for “anticompetitive behavior.” The 6.25 percentage point royalty rate increase on oil companies would contradict the administration’s promise to lower gasoline prices. Despite record-high gasoline prices impacting American families across the country with winter around the corner, the Biden-Harris administration is recommending Congress hike the cost of oil leases on government lands from 12.50 percent to 18.75 percent.