US Sets Devastating New Record for High Oil Prices

US Sets Devastating New Record for High Oil Prices

( – Rising oil prices have occupied a lot of news headlines this year. After President Joe Biden halted progress on the Keystone XL pipeline and took other measures to limit US oil supply, prices climbed. Other factors, such as the COVID-19 pandemic and limits on stores in the OPEC+ countries, have also pushed up the price of crude oil in recent months.

On Monday, October 4, US oil prices hit their highest level since 2014. To make matters worse, industry experts think they could keep climbing. As long as the US keeps economic sanctions in place on Iran and the OPEC+ countries keep production at current levels, there is every possibility prices will continue to rise.

Some analysts have not been shy about blaming Joe Biden for this state of affairs.

Oil production has fallen off sharply in the US under the Biden administration. In addition to halting work on the Keystone XL pipeline, the president also banned oil drilling on public lands. These measures are part of broader efforts to bring America closer to carbon neutrality. The situation marks a stark contrast to former President Donald Trump’s policies. During the Trump administration, the US was a net oil exporter.

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