Despite crude oil, natural gas and gasoline price skyrocketing, House Speaker Nancy Pelosi proclaimed that
“The president has already talked about releasing oil from the — the st– as he already has done from the (slurred, inarticulate). And (slurred, inarticulate) I’m not for drilling on public lands.”
Well, if President Biden rescinded his executive order on drilling, pipelines, etc., we would see a reduction in energy prices AND inflation. But between Biden’s anti-fossil fuel orders and the Russia-Ukraine conflict, we can see that the WTI Cushing crude oil spot price has risen from $47 per barrel in early January 2021 to $112.05 today. That is over a doubling of crude oil prices.
Energy prices are up across the board, particularly gasoil, heating oil and coal.
If we use the core Flexible Price Index as a measure of inflation, we can see that Americans are the most miserable in modern history (Core Flexibe CPI + U-3 Employment rate).
But, no cheap gas for you! Pelosi said so.
UPDATE! House Republicans introduced the “American Independence from Russian Energy Act” on Feb. 28, a measure meant to authorize the Keystone XL pipeline, boost domestic oil and gas production, and prevent President Joe Biden’s executive branch agencies from halting energy leasing on federal land and water, among other provisions. Yet on March 1, the legislation was shot down by Democrats in a 221–202 vote, almost entirely along partisan lines.