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From President Joe Biden: Did you ever think you’d be paying this much for gas?
The Biden administration public policy of limiting domestic production while calling for OPEC to produce more oil is designed to reduce investment in fossil fuels, observes Charles Cooke in NRO.
Daniel Tenreiro concludes: “With the help of the private sector, administration officials have already begun pressuring banks to cut back on investments in the fossil-fuel industry. Now, White House appointees look poised to codify this policy.”
After Biden announced the release of 50 million barrels from U.S. Strategic Petroleum Reserve, “the oil price moved, well, up,” noted Andrew Stuttaford.
(Reported by National Review’s Jim Geraghty.)
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