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President Joe Biden’s regulators have approved new oil and gas wells at a far faster pace than the Trump administration did during its first 21 months in office — a fact that undermines Republican election-year arguments about the causes of this year’s high gasoline prices. The U.S. has also produced more crude oil since Biden’s inauguration than it had done during the equivalent period of former President Donald Trump’s presidency, a POLITICO review of federal energy data shows. The Biden-era petroleum surge came despite his promises to shift the nation away from fossil fuels to combat climate change, as well as his unsuccessful efforts to end new oil and gas drilling on federal lands and waters. But it hasn’t shielded Biden from taking a political strafing over gasoline prices, which reached a record high in June and remain a potent campaign issue for next week’s midterm elections. The dynamic offers yet another reminder of how little power any president has to shape the gyrations of the energy markets. Democrats have blamed the gasoline price spike on Russia’s invasion of Ukraine, production cuts by OPEC, lingering economic supply chain effects of the pandemic and price-gouging by oil companies — some […]
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