Energy Secretary Jennifer Granholm joined CNN’s Jake Tapper on Friday to discuss the approximately 50 cents per gallon increase in the national average price of gas in the U.S. since President Joe Biden took office.
Tapper reminded her that Republicans are blaming Biden Administration policies for their pain at the pump.
In a plaintive voice, she said, “We need to get the virus under control first. We need to get to that 70 percent. We need to get to herd immunity. You know, why, why have gas prices gone up? Could that be because of the virus itself – as well? I mean, everything is tied together.”
Granholm is partially correct. As the economy strengthens, demand for gas rises which naturally drives up the cost.
And yes, everything is tied together. Price is determined by multiple factors, the most significant outside factor being the behavior of OPEC nations. For example, CNBC explains how tensions between Russia and Saudi Arabia caused oil prices to plummet to 24-year-lows in early March 2020.
Shortly afterward, OPEC nations agreed to place curbs on oil output in reaction to a decrease in demand due to the pandemic and prices stabilized.
Over the last few months, OPEC members have been slowly lifting those curbs as world demand picks up.
Forbes‘ David Blackmon writes that we typically pay a little more in March and April as refineries conduct annual maintenance on equipment and change “from manufacturing a handful of winter blends of gasoline to the dozens of summer blends required by the EPA.”
Do you believe that Energy Secretary Jennifer Granholm should sell her stake in electric car company Proterra as she pledged she would?
Yes: 96% (73 Votes)
No: 4% (3 Votes)
Even trader expectations can cause short-term fluctuations in the value of oil.
Sorry Secretary, but according to Blackmon, the November election “played a big role” in the recent run-up in gas prices. “Since last November 3, the average price per gallon of regular gasoline in the U.S. has skyrocketed by 75 cents. The markets clearly see the Biden/Harris administration as one that will work to inhibit U.S. oil production, which will also have the effect of tightening the global market, and traders have responded by driving up the price of crude oil.”
The administration’s goal of eliminating fossil fuels is priced into the oil market.
Hours after receiving the greatest honor of his life, Biden scribbled his name on an executive order revoking the permit for the Keystone XL pipeline.
Another executive order placed a 60-day moratorium on new oil and natural gas leases and drilling permits on federal lands and waters.
The pandemic has been used as an excuse for just about everything now, from people not working to sports teams performing badly.
It’s become the go-to answer when anyone is confronted with anything, but not everything is the pandemic’s fault.
Biden’s energy secretary needs to own up to the policy mistakes and fix them, but that likely won’t happen.
Especially because Granholm has a personal interest in keeping the administration’s policies exactly as they are. I came across an interesting little tidbit on RedState last week. The writer was surprised this was not a major scandal.
According to the report, she owns a stake in electric vehicle company, Proterra. She also sits on the company’s board of directors. She allegedly pledged to sell her shares and resign from the board when she joined the Biden Administration, but she has done neither.
Moreover, this company “is being actively promoted by the Biden administration. Further, Granholm being the Secretary of Energy means she gets to make regulations that can directly enrich herself.”
It gets worse, Granholm is “pushing an ‘infrastructure’ plan that seeks to transfer the government’s gas-burning vehicle fleet to electric cars, trucks, and buses. If that happens, she makes millions.”
How is this not a massive corruption scandal? https://t.co/rmTUbolg4J
— kaitlin, RINO birthing person (@thefactualprep) May 6, 2021
A CNN report on the story said that Biden took a “virtual tour of Proterra. … During the tour Biden praised employees and the CEO for their work in the electric vehicle space.”
When it ended, Biden said, “Chairman, let me say something quickly to you. The fact is you’re making me look good. I used to have a friend that said it’s always great to do well and do good — you’re doing both pal. You really are.”
The Energy Secretary appears to have a serious conflict of interest.
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