The record-high gas prices are hitting hard ahead of the Memorial Day weekend with analysts predictoing an 8 percent increase in travel compared to 2021. AAA estimated that more than 39.2 million people will travel for this Memorial Day holiday period with the majority of travel expected to be by car.
Republican lawmakers say Joe Biden undermined US energy independence by restricting oil pipelines and drilling in the US and making America reliant on the imports from overseas.
Amid intensifying inflation, the White House has struggled to point the finger on whose to blame for the crisis. President Joe Biden has continued to blame inflation on Russia, although prices had been soaring for several months before the Ukraine crisis.
Republicans are criticizing Democrat attempts to blame oil executives for soaring gas prices after a hearing on Capitol Hill. One America’s John Hines has more from Capitol Hill.
According to Republican lawmakers, American energy is under attack. On Tuesday, House Minority Whip Steve Scalise (R-La.) led a press conference detailing how Joe Biden’s policies are hurting Americans’ wallets.
Biden administration Chief of Staff, Ron Klain claimed the “economy is good,” despite runaway inflation and surging fuel prices. In an interview on Sunday, he said Joe Biden has created millions of jobs and improved quality of life for millions of Americans.
Former Treasury Secretary Larry Summers said Joe Biden’s verbal attacks on oil companies are not helpful in curbing high gas prices. In a recent interview, he criticized Biden’s plan to sell oil from the Strategic Petroleum Reserve.
Joe Biden announced he will tap U.S. oil reserves again for the 3rd time in less than a year. The administration will release 1 million barrels of oil a day from the National Petroleum Reserve in an effort to lower gas prices. The U.S. Energy Information Administration said the U.S. uses about 20 million barrels of oil a day, so releasing 1 million barrels a day is about 5 percent of what we consume.
Joe Biden said he plans to tap into oil reserves to helps with out of control gas prices. One Americas Stella Escobedo caught up with Steve Moore, former Trump Economic Advisor, who said a lot more will need to be done to bring down oil prices.