USEA Director Yergin: Putin’s Ukraine invasion has ‘disrupted’ global energy supply chain
USEA Director Daniel Yergin tells FOX Business the U.S. is in a “formidable” position as an energy producer. Yergin spoke at the CERAWeek conference in Houston.
Gas prices have hit an all-time high amid the deadly Russian war in Ukraine which has been met with swift condemnation and oil boycotts from the U.S., Canada, Australia and European nations – a move that has promised to increase costs at the pump.
White House press secretary Jen Psaki was asked by reporters earlier this month how the administration could counter spiking prices by focusing on domestic production.
President Biden "talked about increasing domestic manufacturing to bring down prices on inflated items like goods. So why not apply the same logic to energy and increase domestic production here?" Fox News asked.
USEA DIRECTOR YERGIN: PUTIN'S UKRAINE INVASION HAS 'DISRUPTED' GLOBAL ENERGY SUPPLY CHAIN
"There are 9,000 approved oil leases that the oil companies are not tapping into currently. So I would ask them that question," Psaki replied.
But Kathleen Sgamma, President of the Western Energy Alliance – which advocates on behalf of the oil and natural gas industry – pushed back on this and argued drilling was not as simple as obtaining lease approval.