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A top White House energy adviser claimed earlier this year that there wouldn't be a "big surge" in oil prices during an interview in which he celebrated President Biden's energy policies.
Amos Hochstein — who serves as the White House special presidential coordinator for global infrastructure and energy security — said in a May interview with CNBC that Biden's policies, namely his decision to release hundreds of millions of barrels of oil from emergency U.S. reserves, had successfully curbed prices. He then predicted oil prices, which had fallen, to remain low.
"We took the decision, a number of decisions, the SPR (Strategic Petroleum Reserve) was only one of them, to make sure that to bring down inflation that we're seeing now, that was — really oil prices, which affect food prices, were really affecting inflation rates," Hochstein said. "We brought down the price of oil and the price of gasoline and electricity and food for the consumer."
"We are still looking at what's happening in the demand in China, what's happening in demand in the United States and how the economy is shaping up," he continued. "I don't see a big surge in prices coming this summer."
At the time of his comments, the West Texas Intermediate (WTI) index, the U.S. oil benchmark, hovered at around $71 per barrel, according to market data. And data tracked by the Energy Information Administration shows the average price of gasoline nationwide was $3.53 a gallon at the time.
However, in the months since Hochstein predicted prices would stay low, the price of both oil and gasoline has surged, causing inflation broadly to tick up again. On Wednesday, oil prices hit $89 per barrel, up more than 25%, and gas prices have increased 9% to an average of $3.85 per gallon. ...
https://www.foxnews.com/politics/to...ion-comes-back-haunt-gas-oil-prices-skyrocket
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With advisors like this guy there is no wonder that Biden is clueless about energy.
Amos Hochstein — who serves as the White House special presidential coordinator for global infrastructure and energy security — said in a May interview with CNBC that Biden's policies, namely his decision to release hundreds of millions of barrels of oil from emergency U.S. reserves, had successfully curbed prices. He then predicted oil prices, which had fallen, to remain low.
"We took the decision, a number of decisions, the SPR (Strategic Petroleum Reserve) was only one of them, to make sure that to bring down inflation that we're seeing now, that was — really oil prices, which affect food prices, were really affecting inflation rates," Hochstein said. "We brought down the price of oil and the price of gasoline and electricity and food for the consumer."
"We are still looking at what's happening in the demand in China, what's happening in demand in the United States and how the economy is shaping up," he continued. "I don't see a big surge in prices coming this summer."
At the time of his comments, the West Texas Intermediate (WTI) index, the U.S. oil benchmark, hovered at around $71 per barrel, according to market data. And data tracked by the Energy Information Administration shows the average price of gasoline nationwide was $3.53 a gallon at the time.
However, in the months since Hochstein predicted prices would stay low, the price of both oil and gasoline has surged, causing inflation broadly to tick up again. On Wednesday, oil prices hit $89 per barrel, up more than 25%, and gas prices have increased 9% to an average of $3.85 per gallon. ...
https://www.foxnews.com/politics/to...ion-comes-back-haunt-gas-oil-prices-skyrocket
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With advisors like this guy there is no wonder that Biden is clueless about energy.
