KTRH recently asked Jay Young to come on the air in Houston, TX to discuss the recent drop in oil rig calendars and the reason behind it. Young went straight to the point, blaming Joe Biden’s policies on American oil as the culprit. According to Young, the energy industry is finding it tough to secure capital and, with the President’s dislike for the oil and gas sector, it is hard for companies to believe. Young warned that the next logical outcome of this is an increase in gas prices.
Young doesn’t see the situation changing anytime soon and predicts there will be huge shortages in the oil market. This is likely to occur as demand increases over the summer, ultimately leading to rising gas prices. As a result of Biden’s policies and regulations, the current rig count is the lowest it’s been in almost a year, further compounding the situation.
The impact of these policies could have far-reaching effects on the country’s economy and its citizens, with people paying more for gas and jobs in the oil and gas industry facing an uncertain future. However, as the situation unfolds, it is vital that measures are taken to ensure a balance is struck between national energy security and environmental concerns.
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