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Category: News and Politics

Did Biden increase oil prices? Part 2 - foreign policy

In part 1 of my investigation, it seemed I had found that Biden does not hold direct responsibility for an increase in oil prices. This was due to finding the claims false that he had halted U.S oil production. However, that analysis leaves a lot lacking. For one thing, it leaves out any reference to some of the large drivers of the price increase (like further instability due to Russia's invasion of Ukraine) and what Biden could decide to do about it. 

Biden had called the price at the pump the "Putin price hike" attempting to place all the responsibility of the price hike at Putin's feet. We should definitely question this. Enter:

  Biden price hike? The nexus of foreign policy and economic crisis. The White House isn’t responsible for Russia’s brutal invasion, but the president has agency over how the West has reacted to it. Written by Kevin Cashman

It could be a controversial move on Biden's part, but if he had the courage there are a couple actions that might more immediately relieve pressures at the pump. Oil from Saudi Arabia is not enough.

According to Kevin Cashman these actions include easing the stringent sanctions on Venezuela and Iran.  

This could yield a modest boost in production in the short term, and possibly up to 2.5 million more barrels per day in 12–24 months.
There is little reason to believe that there are real and significant downsides to Biden easing these sanctions
Next, Biden could reconsider his policies toward Ukraine and Russia more broadly. Sanctions on Russia have failed to achieve their intended goals and instead have thrown the world into crisis as collateral damage. Biden has spun this as a fight between democracy and authoritarianism, but this is backfiring too: most of the world is uninterested in complying with the sanctions or picking a side. Polling shows that even the American public prefers that Biden address the issues that matter to them than become further involved in what the administration itself has said will be a long war. So as the invasion enters its sixth month, and as Russia becomes further entrenched in Ukraine, many experts are urging the administration to work to end the war through diplomacy — or at least to limit the impact and risks of the war on Ukraine and the world. 


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Eleven's profile picture

amazing the only answer is to beg people who despise us for their oil. And say they give it.. more in debt we will go. Of course they will make bad deals as usual. psychopaths in power

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your last sentence is accurate, psychopaths in power.

by Niiick; ; Report