Steve R.
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- Jul 5, 2006
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$3 gasoline could be around the corner — unless OPEC and Russia start pumping more oil
New York (CNN Business)OPEC and Russia's unprecedented production cuts last spring lifted oil prices out of a death spiral. Nearly a year later, the group is under pressure to cool off the red-hot market.
US crude has raced back above $60 a barrel. That's a far cry from the depths it reached last April when oil crashed below zero (negative $40.32 a barrel, to be exact) for the first time in history. Prices at the pump are starting to creep higher, too. The national average hit $2.70 a gallon Friday, according to AAA. That's well above the April low of $1.76 per gallon.
The article fails to make any mention the Biden's administration "war" on fossil fuels. They are in the process of putting the oil, gas, coal industries out-of-business. That means less domestic energy production which creates "shortages" that have to be made-up by other sources. It is not the responsibility of OPEC and/or Russia to start pumping more oil to keep US domestic gas prices low.
Also, for the true environmentalists, allowing energy production to be moved to Russia and the Middle East simply transfers the environmental degradation from the US to these foreign sources. It does not lessen the adverse environmental impacts. One can also make the case that the environmental effects, from foreign sources of energy would be greater due to the need to transport oil.
There is one redeeming aspect to this article, it didn't take a gratuitous accusation of blame at the Trump administration. Nevertheless, this is an example of how the media can distort news to serve political goals. In this case, failing to mention that the Biden administration is "crippling" the US fossil fuel industry and that is one reason behind the potential for $3.00 a gallon gas.