Expert: Gas Prices Have Surged 18% Since Election, Could Skyrocket to $4 Under Biden

Energy industry executives are sounding the alarm on President Joe Biden’s disastrous policies and warning that they will force Americans to pay higher prices for gas and other utilities.

Steven Kopits is a longtime oil industry executive who’s currently the managing director of Princeton Energy Advisors. He’s horrified that since Election Day, gas prices have soared 18 percent, while the price of oil has rocketed almost 50 percent, the Washington Examiner reported Thursday.

Kopits said Biden’s reckless embrace of expensive, ineffective “green-energy” initiatives will hurt all Americans financially and could also damage the president politically.

“Biden has substantial political risk heading in the 2022 midterms,” he told the Examiner.

“He would do well to articulate a more balanced energy package because we may well see gasoline prices above $4 a gallon, and Republicans will not hesitate to finger the moratorium on leasing as the cause,” Kopits said.

Dan Naatz is a senior vice president at the Petroleum Association of America. He said Biden has shown that he doesn’t care about American workers based on his destructive move to cancel the Keystone XL Pipeline, resulting in the loss of 11,000 jobs.

“The Biden administration’s plan to obliterate the jobs of American oil and gas explorers and producers has been on clear display with cancellation of the Keystone XL Pipeline, the initial announcement of a 60-day freeze on federal leasing and permitting,” Naatz told the Examiner.

Another industry expert who chose to remain anonymous said Biden’s epic incompetence has dramatically set the country back and made it less competitive on the world stage.


“In four years [under President Donald Trump], we had made the U.S. energy-independent and denied the bad guys the ability to control global oil prices,” he said. “The Democrats undo it in two weeks. Just incredible.”

Last month, Biden came under fire after he halted new drilling permits on federal lands on his second day in office.

In the lead-up to the election, the career politician had flip-flopped on fracking depending on which audience he addressed.

Biden opposed fracking when pandering to the far-left faction of the Democratic Party, which claims fracking is bad for the environment. However, he supported fracking when pandering to moderates.

Once he got installed as president, Biden blocked oil and gas drilling on public lands, freezing such leases for at least 60 days.

Energy experts have repeatedly warned that a ban on fracking would dramatically increase energy costs and decimate millions of jobs.

Last month, Marty Durbin of the U.S. Chamber of Commerce’s Global Energy Institute issued a statement warning that Biden’s move to “impose an indefinite ban on new energy production on federal lands and waters is bad policy and counterproductive to the goals of supporting the economy and combatting climate change.”

Other GEI executives said banning fracking will erode America’s competitive edge, compromise national security and cause energy prices to soar.

“By 2022, 14.8 million jobs could be lost, gasoline prices and electricity prices could almost double, and each American family could see their cost of living increase by almost $4,000,” the Global Energy Institute warned.

Karen Harbert, a former GEI executive, is the CEO of the American Gas Association. She said a ban on fracking is a dangerous slippery slope on multiple fronts.

“It’s easy for politicians and activists to call for an end to hydraulic fracturing, but now we know what the consequences could be,” Harbert said.

“Without fracking, the U.S. would surrender our status as a global energy superpower. … Beyond that, banning fracking would make America much more reliant on foreign sources of energy, weakening our national security.”

Harbert warned: “Every American family could face higher prices for the energy they consume and the products and services they buy, and almost 15 million Americans could be out of work. These extreme and irresponsible proposals should not be considered.”

This article appeared originally on The Western Journal.

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