Oil and gas expert Jay Young weighs in on President Biden's plan to bring down gas prices.
WASHINGTON -- President Joe Biden announced a plan to try and bring down the rising cost of gasoline prices on Thursday.
He says he's committing one million barrels of oil a day from the nation's strategic petroleum reserve. The president said it was not known how much gasoline prices could decline as a result of his move, but he suggested it might be"anything from 10 cents to 35 cents a gallon." Gas is averaging about $4.23 a gallon, compared with $2.87 a year ago, according to AAA."When Covid-19 struck, demand for oil plummeted, so production slowed down worldwide," said Biden."I banned the import of Russian oil here in America.
"When they turn that reserve off, which they will, the demand is continuing to go up and the supply is not there. Prices are going to go up and that's going to happen by this summer," said Young.One is that the oil and gas industry isn't attracting institutional investors like it used to. The other, according to Young, is companies want to go green but we're just not there yet.
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