Democrats are facing criticism for rejecting calls to ramp up domestic oil production.
Many Democrats are still steadfast on “going green” even with gasoline costing $1.36 more than a year ago. One of the biggest concerns for Republicans is an attempt by the governor of Michigan to shut down the Enbridge Line 5 oil pipeline. Oil experts like Jay Young warn doing so could wreak economic havoc.
“We’ve got to get pipelines. Pipelines are a lot better way for us to transport oil rather than having trucks and pumpers go by there,” Young said. “They’re just politicians once again shutting things down or slowing, delaying things.”
Young says increasing domestic energy production is the way to bring prices down in the long run. He says an extension to the Keystone pipeline would help, but President Biden nixed that project. As it is, he says the price of oil could get up to $120 a barrel or more. He gives his full explanation in the book The Upside of Oil and Gas Investing.
Nolan County Texas, USA, 05/27/2018: Crude oil extraction pump pulling crude oil up to the surface and pushing it into pipelines in the Permian Basin in West Texas.