A Flash Brief from the Gingrich 360 Team:
The United States saw an increase in domestic oil production under President Donald Trump. Just the News now reports that Biden will limit the amount of oil the US produces. Around the same time, “Saudi Arabia announced it would cut production by one million barrels per day, which will drop global supply for February by about 1%.”
News of the decreasing oil supply already has gas prices in the US rising 10 cents a gallon. Since Biden also killed the Keystone XL Pipeline, gas prices will rise even more as the US becomes more dependent on Saudi Arabia’s oil exports.
Additionally, Pete Buttigieg, Biden’s pick for Secretary of Transportation, said that he is considering raising gas taxes to fund infrastructure projects. Buttigieg has now walked back those statements, but is staying committed to levying additional taxes on different aspects of driving, like the distance one travels by car.
Buttigieg’s tax measures, along with increased oil prices, are sure to raise the cost of living for all Americans. Learn more about increasing oil prices and the history behind the trend in Joseph Curl’s article “Get ready for prices at the gas pump to go up, up, up.” [vc_separator][vc_column_text]
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