Oil and Gas Prices on the Rise as Summer Approaches

As oil and gas prices continue to rise, consumers are feeling the pinch at the pump just in time for the spring and summer driving season. With crude oil surpassing $85 a barrel, the White House has made the decision to cancel plans to refill the Strategic Petroleum Reserve due to the high prices.

Economist Karr Ingham from the Texas Alliance of Energy Producers warns that gas prices are likely to increase further as a result of the rise in crude prices. He attributes the spike to geopolitical tensions in the Middle East, OPEC production cuts, and increased global demand for petroleum products.

The Biden administration now faces the challenge of addressing rising oil and gas prices as the 2022 election looms. Ingham suggests that the administration should focus on allowing oil and gas companies in Texas to continue their production efforts, as they have been a key player in global crude oil supply growth.

With Texas leading the way in crude oil production, Ingham believes that the solution to high oil and gas prices lies in promoting domestic energy production. As consumers brace for even higher prices at the pump, the administration may need to consider easing restrictions to alleviate some of the financial burden on American drivers.