Opinion: No American president can control the global price of oil – By PennLive Letters to the Editor (Pennlive) / June 11, 2022
U.S. Rep. Glenn Thompson’s recent missive from Washington blames President Biden for the price of gasoline. In it he displayed the partisan hyperbole that has taken over governance.
Perhaps, Mr. Thompson should do some research. No U.S. president can really affect the price of oil. The price is the result of a global economy, not a national or regional market; driven be worldwide supply and demand cycles. Maybe he is proposing to isolate the U.S. from the world market. However, not all oil is the same; we export and import as needed. If the U.S. were isolated from global trading we would likely have a shortage of gasoline and higher prices.
Mr. Thompson seems to think that drilling today equals gasoline tomorrow. Perhaps some facts would help. First, oil and gas companies already have 26 million acres of leases on federal lands; of these, 50 % have never been drilled. Second, only 20 % of the 12 million offshore acres leased has had any drilling. Third, there are over 9,000 federal drilling permits approved, but not used.
