Prices at the pump are on the rise. Demand for gasoline is up amid more vaccinations and easing of restrictions in certain parts of the country. However, supply is still low, as domestic oil production is way down compared to pre-pandemic levels. Recently announced restrictions on drilling by the Biden administration have many concerned.
“All of that oil that the government’s taking away from us right now; we need 20 million barrels a day,” Oil and Gas expert Jay Young told KTRH. “If we’re not allowed to produce it here or drill it here, Russia and Saudi Arabia are both willing to step in and replace it. So, we do need to see more oil drilled in the United States.”
Young, the founder and CEO of King Operating in Dallas, is also worried demand may not be quickly matched by production.
At the pump, the average price for regular unleaded in Texas is $2.17.