The Institute for Energy Research explains how detrimental the president’s recent actions are.
“President Biden’s Interior Department has revoked seven remaining oil and natural gas leases in Alaska’s Arctic National Wildlife Refuge that were sold during the Trump administration and unveiled a proposal to ban new leasing and development on 10.6 million acres of the 23-million-acre National Petroleum Reserve-Alaska. The reserve was set aside for oil supply needs roughly a century ago. The oil and gas leases were bought by an Alaska state development agency during the Trump administration . . .
“This is happening when oil prices have spiked to $90 a barrel as Saudi Arabia and Russia extend their oil production cuts and while Biden is in talks with Iran and Venezuela to produce more oil for the global market. Biden has already sold 260 million barrels from the U.S. Strategic Petroleum Reserve prior to last year’s election, putting the emergency oil reserve at a 40-year low.”