Power the Future executive director Daniel Turner speaks on Fox Business Tonight about Democrats blaming big oil for high energy prices and Biden’s talk of going to Canada to get oil.
Oil prices rebounded from losses on Thursday after falling more than 5% in the previous session.
International Energy Agency member countries announced a huge release of oil from emergency reserves to offset the loss of supply from Russia.
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U.S. West Texas Intermediate (WTI) crude futures rose $1.37, or 1.4%, to $97.58 a barrel.
Brent futures were up $1.34, or 1.3%, to $102.41 a barrel.
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IEA members agreed to release 60 million barrels in addition to a release of 180 million barrels announced by the United States last week, according to Reuters.
An oil rig drilling a well at sunrise, owned by Parsley Energy Inc. near Midland, Texas. (REUTERS/Ernest Scheyder/Reuters photos)
Analysts say supply remains tight despite the emergency stocks release.
HOUSE DEMOCRAT SAYS OIL EXECS “THROW UP A SMOKE SCREEN” UNDER REGULATIONS OF PRICE LEVELS
The Senate will pass legislation Thursday ending normal trade relations with Russia and banning imports of its oil, Senate Majority Leader Chuck Schumer announced Wednesday.
House Democrats on Wednesday accused oil companies of “ripping off the American people” and putting profits ahead of production as Americans suffer from ever-rising gasoline prices during the war in Ukraine.
Oil executives, testifying before Congress for the second time in six months, responded that oil is a global market and that oil companies do not dictate prices.
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According to AAA, the national average gas price was $4.16 a gallon on Wednesday, up from $2.87 a year ago.
The Associated Press contributed to this report.