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, dispelling 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 counteract the destructive impacts of the profiteering programs of oil companies and their unprecedented profiteering from the chaos caused by Putin’s invasion of Ukraine and the Saudis’ manipulation. Reports indicate that options such as imposing special taxes on the windfall profits of oil companies or limiting their export capabilities to redirect their production to the domestic market have been discussed in the U.S. government. Such options are being seriously pursued by Democratic representatives in Congress, while the hesitation over choosing one of these solutions lies within the White House itself.
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 on the energy market and rising prices, while behind the scenes, his administration continues negotiations and pressure on oil companies without adopting a specific strategy. The impact of the dire fuel price situation on public opinion is undoubtedly significant.
Fuel price boards at gas stations are one of the most common scenes that any citizen can easily see 24 hours a day, seven days a week.
Biden ordered the release of an additional 15 million barrels of oil from the United States’ strategic petroleum reserves and in his speech called for increased oil production in America. Simultaneously, he insisted on expanding clean energy production and spoke about extensive investments in that area. All of this might be too late to influence the decisions of many voters.