Biden’s Battle with Oil Companies
Biden’s battle with oil companies comes at a time when the special decision by Saudi Arabia and Russia and their plan to manipulate oil prices have intensified pressures on the energy market, eliminating doubts and fears. The Biden administration apparently intends to unsheathe its sword against oil companies amid the 2022 elections.
The White House is planning to counter the destructive impacts of the profiteering schemes of oil companies and their unprecedented profiteering from the chaos caused by Putin’s invasion of Ukraine and the Saudis’ games. Reports indicate that options like imposing special taxes on the windfall profits of oil companies or restricting their export capabilities to direct their production to the domestic market have been discussed within the U.S. government. Such options are being seriously pursued by Democratic representatives in Congress, while the hesitation lies within the White House itself regarding choosing one of these solutions.
The situation of the election campaigns has become so sensitive and critical that Biden cannot leave it unattended any longer. He dedicated Wednesday to a special speech about the energy market and rising prices, while behind the scenes, his administration continues to negotiate and pressure oil companies without adopting a specific strategy. The reflection of the dire fuel price situation on public opinion is, of course, undeniable.
Fuel price boards at gas stations are one of the most common scenes that any citizen can easily see 24/7.
Biden ordered the release of an additional 15 million barrels of oil from the United States’ strategic oil reserves and, in his speech, called for an increase in oil production in America. At the same time, he insisted on expanding clean energy production and spoke of extensive investment in that area. All of this may be too late to influence the decision of many voters.