The Biden administration is exacerbating soaring energy prices by cracking down on the oil and gas industry with new regulations that limit production and discourage investments in traditional energy infrastructure, according to a new analysis published Wednesday by the Joint Economic Committee Republicans.
and gas industry with new regulations that limit production and discourage investments in traditional energy infrastructure, according to a new analysis published Wednesday by the Joint Economic Committee Republicans.
President Biden speaks at an event at the Electric City Trolley Museum in Scranton, Pennsylvania, on Oct. 20, 2021. "These and other federal actions would directly and indirectly halt new investments that are critical to expanding domestic supply," the report said, adding: "The Biden Administration has consistently threatened oil and gas producers with new taxes, regulation, and reporting requirements that raise costs for domestic producers."Oil prices have also soared this year, with West Texas Intermediate crude futures, the U.S. oil benchmark, topping $88 on Wednesday.
A natural gas flare on an oil well pad burns as the sun sets outside Watford City, North Dakota, Jan. 21, 2016.
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