An insider in the oil industry has revealed that President Biden and his team are even more incompetent than many believed, and that could be part of the problem causing the energy crisis in America.
According to the Financial Times, the White House has been begging oil producers to boost production as Americans face record-high gas prices.
The Biden admin’s pleas expose how uninformed they are in terms of what it actually takes to produce oil, and to a lesser extent, a willingness to abandon the president’s radical climate agenda.
The Biden administration allegedly thought oil and gas producers could drill on demand, but were “shocked to learn” that is not how oil production actually works.
The Financial Times claimed oil companies have not complied with the White House’s demands, but Bob McNally, the head of consultancy at Rapidan Energy, said something else is behind lagging production.
McNally is the one who pointed out to the Financial Times that the Biden administration was painfully unaware that oil production is not an overnight process.
“When the White House started calling around in a panic, they thought shale oil production could grow sharply in the near term — like in a matter of months or quarters,” McNally explained. “They were shocked to learn that that’s like asking for blood from a stone. It’s almost impossible.“
The Biden administration has also failed to incentivize oil industries to ramp up production given the volatility in the market and the current government’s tendency to suddenly attack these oil companies.
Fuel prices continue to climb to new heights as Americans suffer thanks to Biden’s failure to act.
Rather than offer a serious solution to the problem, Biden has continued casting blame on Russian President Vladimir Putin and allegedly greedy oil companies.
The Hill reported, citing sources close to the White House, that the White House economic team was “more seriously considering” a gas tax holiday, that was “an option on the table,” but the White House quickly shut that down.
“As far as anything new to share, we don’t have anything new to share on that,” she said when asked by reporters about the idea.
“I don’t have anything new for you to announce on gas prices or the gas tax,” White House press secretary Karine Jean-Pierre told reporters.
Jean-Pierre recalled previous actions by Biden to release a record amount of oil from the National Strategic Oil Reserve and his efforts to expand access to the E-15 blend ethanol as efforts that had reduced prices already.
“If the president had not taken these actions, we would not have been able to blunt what we’re seeing now, the prices, it would’ve been even worse,” she argued despite the minimal impact of these moves.
Biden has been reportedly frustrated behind the scenes about his inability to handle the crisis.