KTVH out of Helena, Montana reports that the Bakken oil field pumps are going back on line to extract crude oil. This is clearly a swipe at the Biden administration not only for higher gas prices in recent months, but resulting from the White House’s refusal to permit drilling for oil and gas on federal lands while hindering fossil fuel production with burdensome regulations.
While Biden’s claim that oil production has increased under his administration is true, he leaves out that oil production goes up to meet demand resulting from higher prices. It is not about how much oil production there is but the cost of oil extraction based on demand as higher prices signal to producers. This includes oil and gas being restricted which, in turn, affects the supply.
Despite his essentially denying that demand is a factor in the cost of oil, Biden’s actions speak louder than his words. His begging OPEC countries to increase petroleum production demonstrates that Biden knows what he is saying isn’t true.