Extreme pump anxiety... US gas prices are up more than 60% from a year ago, hitting seven-year highs. California just hit a state record of $4.68/gallon. President Biden wants to understand why: Yesterday he sent a letter to Federal Trade Commission Chair Lina Khan, calling on the FTC to look into "whether illegal conduct is costing families at the pump."
Oh, PEC... Oil prices plunged last year when travel and manufacturing halted. So OPEC, the powerhouse org of oil-exporting countries, slashed production. This year, oil demand rebounded quickly as the economy revved up. That's led to an oil shortage, which is aggravating supply issues and soaring prices. BTW: Higher gas prices will hurt low-income families the most this winter.
Despite the green wave, oil is still king... Renewable energy gets the royal treatment, but the world still runs on oil and gas — from transporting food to heating and electrifying homes. Sixty percent of US electricity is generated from fossil fuels, versus 20% from renewables. And EVs account for just 2% of the US’s new-car market. That's why even Biden, who’s put clean energy at the forefront of his spending plans, has asked to boost oil production.