President Joe Biden appears to be doing everything in his power to lower energy prices. Last month, Biden officials eased sanctions on Venezuela with an eye to increasing oil imports. Next month, Biden will travel to Saudi Arabia with the intention of improving relations and increasing oil production.
But none of those actions will lower energy prices. Increasing oil production in Venezuela would take years and it wouldn’t be nearly enough to make up for the reduction of oil imports from Russia. Even Saudi Arabia and United Arab Emirates together could not produce enough oil to offset declining supply from Russia.
But these gestures pale in comparison to the overarching hostility the Biden Administration has directed toward oil and gas companies since taking office.
