Americans are being hit by inflation and high gas and heating bills. We are also being hit with the reality that the Biden administration’s pledge not to raise taxes on Americans earning less than $400,000 is not valid.
The retreat by the U.S. energy industry on the world stage is being felt around the globe. Now with the expectations that global demand will exceed pre-covid levels in just a few months, users of oil and gas and propane had better be prepared for sharply higher prices.
The combination of a slow comeback in Gulf oil production and an energy policy by the Biden administration that discourages oil and gas production is creating a situation that’s very bullish for petroleum and natural gas markets.
Global crude oil demand is exceeding supply and we're also seeing a big drawdown in inventories, especially here in the United States. That's causing the cost of oil to go up, which also raises the cost of gasoline.