the blaze might not be the most reliable source..............Considering that OPEC has raised oil production, one may expect worldwide oil prices to drop.
But Hofmeister told Fox Business host Maria Bartiromo that Biden's climate policies are offsetting the effects of the global oil market because they hamper domestic energy production.
"The reason gasoline is coming back up is we've been in a shutdown period for many of the refineries, and so that puts a squeeze on what's available in terms of final product," Hofmeister said.
"But there's something else that's going on that's more subtle. What that is, is that the industry, the producers, are practicing serious capital discipline and they're not roaring back to produce more oil. And also, they're getting squeezed by the administration," Hofmeister continued.
Hofmeister explained that Biden's policies have created
an environment of fear that drives up oil prices.
"So the ban on leasing — the prohibition on new leases from the Biden administration — that's going to
create a psychology in the industry of, 'There's going to be less available,' and the psychology drives the pricing as well," Hofmeister said.
"As long as we see this hostile administration, we're going to have a problem with prices," he added.
https://www.theblaze.com/news/former-oil-exec-biden-policies-skyrocketing-gas-prices?utm_content=buffer602b9&utm_medium=referral&utm_source=facebook&utm_campaign=fb-glennbeck&fbclid=IwAR1ptR9oTFKWV4e33aVhyIXh5OJ-UT86LyD_HoPFDs9KFmToi8Xsvt49ZjY
