The truth about gas prices and oil production
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In a moment of national unity against Russia’s attack on Ukraine, Democrats and Republicans are fighting passionately over the steep increase in the cost of gasoline. Prices have already risen sharply since Biden became president — and he acknowledged that his ban on Russian oil and gas exports could send them even higher.
Partisans on all sides, as is often the case, are misrepresenting the facts, obscuring the complicated truth about oil production, gas prices and the role of renewables. Here’s a guide to that issue.
There’s little evidence that Biden’s policies have had any direct impact on oil production. However, the U.S. government can have an effect of shaping market perceptions that on the margins can affect prices.
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