There's a Huge Problem With Senate Democrats' Proposal to Bring Down Gas Prices
A group of Senate Democrats expressed their dismay over rising gas prices in a letter to President Biden this week, urging him to “consider all tools available at your disposal to lower U.S. gasoline prices."
As Spencer reported, their ideas included "a release from the Strategic Petroleum Reserve and a ban on crude oil exports."
But energy experts sounded off on their proposed strategies for bringing down prices, calling them “pure folly.”
"That proposal does absolutely nothing to alleviate higher prices or to make prices lower than in any sort of relative sense," Karr Ingham, a petroleum economist at the Texas Alliance of Energy Producers, told Fox News. "The economics of that are pretty clear. And if the suggestion on the part of the administration is that in implementing a ban on U.S. crude oil exports makes US domestic crude oil prices lower and therefore, for example, U.S. gasoline prices lower, that's pure folly, that is not the effect."
Not only won’t it help, “it probably makes prices higher, not lower,” he added.
The solution isn’t complicated, Ingraham argued: Let oil and gas producers do their jobs.