In truth, there are many things Biden could have done, and still should do, to lower energy prices. He could invoke the National Defense Act to accelerate the rate of oil and gas permits. He could set a floor of $80/barrel for re-filling the Strategic Petroleum Reserve (SPR), which would be a powerful incentive for the industry, because it would prevent prices from falling to unprofitable levels. Biden could announce trade agreements with American allies to supply them with liquified natural gas, which would incentivize more natural gas production and lower prices.
If Biden got America on a wartime footing, as he should be given Russia’s aggression in Europe, we would see the lowering of oil, gas and petroleum prices in less than one year.
Why won’t Biden do it? Because he has declared war on fossil fuels. “I guarantee you, we’re going to end fossil fuel,” Biden promised a student climate activist in 2019. “I am not going to cooperate with them,” he said, referring to the oil and gas industry.
And indeed, he hasn’t. When oil and gas executives visited the White House in June, Biden snubbed them by refusing to attend the meeting. Instead, at the very same moment, he met with wind industry executives. A few days earlier, Biden administration officials signaled they may support a large new tax on the oil industry proposed by a Senator from Oregon.