Despite all the crazy events this year, American energy producers kept the lights on and our homes warm.
Oilman Magazine (12/29/22) column: "A global pandemic, a war in Europe, climate change mandates, government policies restricting oil supply, and record high energy prices have thrown a cloud over future energy supplies, which has resulted in rising inflation and the potential for a worldwide recession. 2022 was a year filled with news-making events...Crude oil futures prices in the U.S. peaked in June at $122 per barrel, and gasoline prices followed averaging a record high of $5.107 per gallon for retail across the U.S., according to the Energy Information Administration (EIA). On Jan. 1, oil sold for $76 compared to $79 on Dec. 28, and the gasoline retail price on Jan. 1 was $3.381 compared to $3.203 today. Policymakers in Washington used the rising prices to implement anti-fossil fuel laws, regulations and programs. The American Energy Alliance issued a report listing 125 ways President Biden’s administration has issued policies restricting oil production in the U.S. since taking office in January 2021. The policies included canceling the Keystone XL pipeline that stretched from Canada to the Gulf Coast of Texas, implementing new environmental standards for the oil and gas industry, delaying federal lease bids, and verbally threatening American oil and gas companies with investigations into “price gouging.”The Biden administration searched for a quick fix to solve the huge political problem of rising inflation and gasoline prices. He twice announced the release of oil from the Strategic Petroleum Reserve – the first of 50 million barrels and another 30 million barrels. President Biden decided the situation needed more oil, and released roughly an additional 180 million barrels in an effort to drive down oil and gasoline prices before election day in November."
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"The reality is that the poorest nations with the least healthy people having the shortest lives are sadly those that don’t have adequate access to oil and gas, surely not the other way around."
– Jude Clemente,
RealClearEnergy
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