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U.S. Oil & Gas president says group production boost will keep gas prices steady, defying Biden

Posted by JJ The Psychotherapist on January 3, 2023 at 8:25 PM

 

U.S. Oil & Gas president says group production boost will keep gas prices steady, defying Biden


 

The president of the US Oil & Gas Association, Tim Stewart, has said that the industry's increased production will help to maintain steady gas prices throughout 2023. Stewart made these comments on the "Just the News, No Noise" television show, where he pointed out that the International Monetary Fund is predicting that a third of the world could be in a recessionary environment in the coming year. This, he said, is being reflected in the commodity markets, which tend to be better at predicting the future than the stock market.


Stewart went on to highlight the industry's success in raising production levels this year, stating that they are currently up 620,000 barrels compared to the same time last year. This increase in production has helped to stabilize supply shocks that were experienced earlier in 2022. Despite the challenges posed by regulatory roadblocks and the Biden administration, Stewart believes that the industry has done a good job and deserves more credit than it has received.


Gas prices have been impacted this year by a number of factors, including the Russian invasion of Ukraine and production cuts made by OPEC+. The Biden administration has taken action to try and keep prices down by releasing millions of barrels of oil from the Strategic Petroleum Reserve. However, these actions have been seen by some as having political motivations.


Overall, Stewart believes that the increased production levels within the industry will help to stabilize gas prices in the coming months, although he did note that the situation in China and the speed of their reopening could also have an impact. He said that the industry has managed to achieve this stability in spite of the regulatory obstacles and challenges posed by the Biden administration.

Categories: Government, Politics

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