There are many reasons why gas prices could shoot up in the near future, but the Biden administration’s ban on oil drilling on millions of acres in Alaska in unlikely to be one of them. The ban, announced on Wednesday, cancels seven Trump-era oil and gas leases in the Arctic National Wildlife Refuge and prevents drilling on more than 13 million acres in the federal National Petroleum Reserve in Alaska. The Biden administration has annouced a ban on oil drilling in the Arctic National Wildlife Refuge in Alaska. “There’s little power to drill, pipeline to carry the crude oil, roads and everything needed basically to drill for oil,” he told CNN. Meanwhile, extreme summer heat has prevented many US refineries from operating at full capacity, leading to elevated gas prices throughout the peak driving season.

Source: CNN September 08, 2023 03:01 UTC