Biden Administration Moves to Halt Drilling Amidst Soaring Oil Prices
Shared By Peter Boykin – American Political Commentator / Citizen Journalist / Political Candidate
Biden Administration Moves to Halt Drilling Amidst Soaring Oil Prices
Biden Administration Moves to Halt Drilling Amidst Soaring Oil Prices
As oil prices reach their peak in 2023, the Biden administration is taking steps to curb future oil, gas, and mining activities on thousands of acres in New Mexico for the next five decades.
The Energy Landscape: The Bureau of Land Management (BLM) has proposed a ban on fuel extraction on over 4,000 acres in New Mexico, citing reasons such as protecting sacred Tribal lands, enhancing local recreational opportunities, and supporting wildlife habitat connectivity.
A Broader View: In 2020, prior to President Biden’s inauguration, this region contributed over 2 million barrels of oil and approximately 10 million metric cubic feet of natural gas to the nation’s energy supply.
Untimely Measures: These proposed restrictions coincide with a surge in gas prices, which have now reached $3.88 per gallon, marking the highest level since October 2022. The surge in gas prices is a direct result of the 30% increase in the price of crude oil barrels since June.
International Factors: The rise in crude oil prices is partly attributed to production cuts implemented by Saudi Arabia and OPEC. This situation highlights how international actions can have a direct impact on American consumers, underscoring the importance of fostering domestic energy production, a strategy successfully employed during President Donald Trump’s tenure when the average gas price remained below $3 per gallon.
[Source: The Daily Caller, NY Times]
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