Neil Chatterjee to Newsmax: More Saudi Oil Won’t Change Gas Prices

Neil Chatterjee to Newsmax: More Saudi Oil Won't Change Gas Prices (Newsmax/"Wake Up America")

By Sandy Fitzgerald | Tuesday, 12 July 2022 02:21 PM EDT

President Joe Biden's push for Saudi Arabia to increase oil production will not help drop the prices at gas pumps in the United States, even if he succeeds, Neil Chatterjee, who chaired the Federal Energy Regulatory Commission under former President Donald Trump, told Newsmax on Tuesday.

"It's not going to have any significant impact on the way that oil markets function," Chatterjee told "Wake Up America." "The Saudis have to manage their own capacity very carefully. Maybe this will lead to some increased capacity from the Saudis this fall, but it's not going to have a significant impact on the price at the pump."

Meanwhile, Biden is "trying to blame anyone but his own administration's policies for this scenario," Chatterjee said. "He's blaming [Vladimir] Putin. He's blaming production around the world. He's blaming small mom-and-pop gas station owners – anyone but his own administration."

Chatterjee also called it "mind-boggling" that Biden is "reversing" on his campaign promises to make Saudi Arabia a "pariah" and end fossil fuel use in the United States, and "begging them to increase production while simultaneously stifling production here at home."

The former official admitted he is not a foreign policy expert, so he would leave it to others to determine what the implications of Biden's trip will be, but still, "it's clear" the president wants to "deflect from the reality" his policies are hurting Americans.

"If we would simply focus on sending the right market signals at home to encourage domestic energy production, to encourage the build out of domestic energy infrastructure, we wouldn't need to have to do these kinds of events where we go to an adversary – [and] beg them to pump more oil 119 days away from the midterms," he said.

The Trump-era policies on energy, however, were working, Chatterjee added.

"If you look at the policies that were pursued during my tenure in the last administration, we supported energy infrastructure," he said. "We supported making the U.S. an energy superpower. We approved 14 liquefied natural gas export facilities during my time as chairman. We were really focused on taking advantage of America's opportunity as a global energy superpower. This administration has been sending the complete opposite signals."

Chatterjee continued it is also "really sad" to be celebrating the price of gas dropping by 30 cents a gallon to $4.65.

"Whatever small savings come in that little reduction of gas prices, Americans going to turn around and pay right back when they get their electricity bills this summer," he said, adding he is concerned the United States will find itself in a situation like Europe, whose dependency on Russia has created a "genuine security crisis."

"We don't want the same thing to happen here at home, and we don't have to," Chatterjee said. "We are far more blessed than our allies in that we have an abundant domestic supply of energy, and we need to be harnessing it. It's not just an economic issue. It's not just a geopolitical and energy security issue; it's an environmental issue as well. We do it cleaner here than anywhere else in the world. The Biden administration doesn't embrace that."


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