A motorist fills up at a Shell station on Monday, Nov. 22, 2021, in San Francisco, where regular unleaded gasoline was selling for $5.85 per gallon. President Joe Biden on Tuesday, Nov. 23, 2021, ordered 50 million barrels of oil released from America’s strategic reserve to help bring down energy costs, in coordination with other major energy consuming nations, including India, the United Kingdom and China. (AP Photo/Noah Berger)
UPDATED 8:45 AM PT – Wednesday, November 24, 2021
A prominent investment manager said global oil prices will likely exceed $100 per barrel due to Joe Biden’s policies. Chief investment officer at Hayman Capital, Kyle Bass said Tuesday that Biden’s release of 50 million barrels from the Strategic Petroleum Reserve is “a quick shot of morphine for a major infection.”
He pointed out the energy industry has been “under-invested” for the past seven-years and excessive regulations further restrain the supply of oil. Bass also said the world consumes some 100 million barrels per day and Biden’s release of 50 million does nothing at all.
“You see Biden at OPEC, begging them for more production,” explained the investment officer. “At the same time, he’s saying no more interstate pipelines, no more drilling federal lands. I get what he’s saying…but you can’t turn something off in an absolutist fashion overnight and flip a switch and think you can change energy sources because you believe it’s a good idea.”
Bass said average U.S. gas prices could double this winter, up to $6 a gallon, while oil prices could exceed $150 per barrel.