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Ekonomické zprávy
08.11.2021

Biden’s policies could lead to ‘disaster’ - Trump’s former energy secretary

CNBC reports that Donald Trump’s former energy secretary said that restrictions on the U.S. oil industry and rising costs at home could lead to “disaster.”

Energy prices have leaped globally in the last three months. Natural gas has soared almost 600% this year, and international oil benchmark Brent crude is up more than 60% year to date. 

“The Biden administration’s restrictive actions — no to pipelines, no to drilling, no to the financing of oil and gas projects overseas ... is a stunning reversal of the energy independence achieved under the Trump administration,” Rick Perry said.

The United States never stopped importing oil during the Trump administration, though domestic production rose. On a monthly basis, U.S. production edged higher than consumption during most of 2019 and 2020, according to the U.S. Energy Information Administration.

But the most recent EIA data shows that pattern continuing after Biden became president in 2021, including U.S. exports of energy continuing to exceed imports.

“The potential for disaster is very real, both in a national security standpoint, and whether or not we literally can keep the lights on,” Perry said.

Perry pointed out an apparent contradiction between the Biden administration’s stance on clean energy and its pressure on OPEC+ to produce more oil.

“Our people are hurting,” said Perry, citing broadly rising costs in the United States. He added that he thinks ”$100 oil within the next six months is possible.”

U.S. annual inflation rose at its fastest pace in more than 30 years during September, despite a decline in personal income, the U.S. Commerce Department reported last month.

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