Biden turns to OPEC for more oil production, industry executives disappointed

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As gas prices rise, the Biden administration has called on OPEC to increase oil production to curb it. Basin oil officials say this is not the right decision.

MIDLAND, Texas – Gas prices are trying to put a dent in your wallets. We’re hovering around $ 3 a gallon, which is a big difference from the same time last year, when we were just under $ 2 a gallon.

This could be taken as a sign that our economy is restarting, but President Biden is urging OPEC to increase production to try to bring down gas prices. Local oil and gas leaders are disappointed with the move.

They ask, why not produce more money here at home, especially in the Permian Basin?

Tommy Taylor, director of oil and gas development at Fasken Oil and Ranch, has wondered about this since the administration’s report came out.

“That he looks to OPEC to do something for the United States, he should ask the Permian to produce more oil and start releasing federal permits so that we can produce more oil because it is there, and we have companies ready to drill and produce right away, ”Taylor said.

Taylor said there was no reason to depend on other countries for oil production.

“It’s always better to have our own production instead of relying on other countries like Russia, Saudi Arabia, Iraq and those countries that don’t care about us,” Taylor said. “They don’t like us.”

With gas prices hitting around $ 3, Taylor said more drilling here at home is the way to bring those prices down.

“Let the free market dictate,” Taylor said. “If the price of gasoline is too high and we drill more, it will go down. If we drill too much, we will stop drilling and it will go up. It’s cyclical. That’s the way the business works.”

Taylor also singled out the Biden administration for the high price of gasoline overall.

“When you look at what he did early in his presidency, putting a moratorium on those drilling licenses from day one and canceling the Keystone pipeline that would impact Canada, our trading partner,” Taylor said. “It doesn’t make sense, and therefore, to some extent, it’s the root cause of these high gasoline prices.”

Taylor is not the only one to have his opinion on this decision. Notable Texas elected officials such as Dan Crenshaw, August Pfluger and Greg Abbott are also questioning the president’s decision.

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