Biden receives new message from US oil producers during trip to Saudi Arabia
The United States oil industry has called on the federal government to stop targeting the sector following the meeting between President Biden and Saudi leaders abroad.
In an effort to increase oil production in the Middle Eastern country, Biden met with top Saudi Arabian officials last week, including the crown prince. Biden, however, should instead use U.S. resources, according to some oil producers.
“In spite of … attempts to limit supply, we’re doing everything we can to increase our production,” Tall City Exploration President and CEO Mike Oestmann told Fox Business. “We’re spending all the money that we make. We’re putting it right back in the ground with the addition of the bank borrowing that we’re doing.”
In the past month, gas prices have dropped by more than 45 cents per gallon; according to AAA data, the national average price is $4.53 as of July 17. However, diesel prices remain elevated at $5.54 per gallon, despite a drop of 26 cents.
18 July 2022