ICYMI: U.S. Hitting Records for Oil Production as Gas Prices Rise, Republicans Ignore Big Oil’s Responsibility
WASHINGTON, D.C. – Gas prices are rising again thanks to climate-fueled extreme weather events and the volatility of the global market, but Republicans continue to ignore the facts and blame Democrats even as oil production in the U.S. is hitting record highs. Families across the country are watching their energy costs rise due to extreme heat caused by burning fossil fuels, and Big Oil corporations are seeing the implications of the climate impacts they’ve caused.
The industry is talking out of both sides of its mouth when it comes to prices – even the American Petroleum Institute acknowledges in ads that “oil prices are impacted by geopolitics, supply and demand fundamentals, inventories, seasonality, and market expectations.” Even so, the industry and its Republican allies are incorrectly attempting to scapegoat President Biden’s climate plan for high prices. Politico’s Ben Lefebvre broke down the dynamics of high oil production, high prices, and Republican lies this morning:
The late-summer surge in gasoline prices is heightening the risks that inflation poses for President Joe Biden, and offering Republicans a new chance to pin the blame on his green agenda.
The GOP narrative has a major hole: U.S. oil production — already the highest in the world — is on track to set a new record this year, and will probably rise even more in 2024. But the ever-increasing flow of U.S. crude has failed to keep a lid on gasoline prices, showing once again that a global market drives the fuel prices that shape presidents’ political futures.