Oil Prices Soar as American Energy Leadership Tested by Libya Chaos, Mideast Conflict
The decisive American energy leadership forged under former President Trump is being severely tested by the latest geopolitical turmoil in Libya and the Middle East.
Libya's Russian-backed eastern government announced a complete shutdown of the country's 1.2 million barrels per day of oil production, citing an escalating power struggle with the U.N.-recognized western government in Tripoli. Any extended outage could exacerbate global supply shortages.
The #1 Energy Passive Income Investment for 2024
It's not a stock, bond or private company...
But this little-known alternative investment could hand you BIG MONTHLY INCOME from the oil and gas surge in 2024.
CLICK HERE TO FIND OUT WHAT IT IS
Adding fuel to the fire were reports of tit-for-tat missile strikes between Israel and Iran-backed Hezbollah militants along the Lebanese border. This raised fears of a broader military conflict erupting in the region that could disrupt energy shipments through the Strait of Hormuz chokepoint.
Crude prices surged in response, with the global Brent benchmark topping $81 per barrel and U.S. WTI crude briefly trading over $77. The spike threatens to unwind the energy affordability regained under President Trump's policies of tapping domestic shale production and American energy dominance.
Reversing American Energy Progress
After years of falling gas prices that saved U.S. households thousands of dollars annually, the Biden administration's hostile approach to domestic fossil fuel production is putting those consumer savings at risk. Biden's policy blunders like:
Revoking federal drilling permits
Obstructing oil and gas leases
Canceling pipeline projects
Rejoining the Paris Climate Accords
Have curtailed American energy independence and output, increasing reliance on foreign sources and OPEC supply.
Now American consumers and businesses are much more vulnerable to global supply shocks like the escalating chaos in Libya and potential for a new Mideast conflict with Iran's terror proxies.
Economic and Security Risks Mounting
The uncomfortable truth is that oil and gas remain crucial inputs for transportation, manufacturing, and industrial activity that underpin America's economic strength and job creation - regardless of one's stance on climate change policies.
Rising energy costs act as a tax weighing on consumer spending power and corporate profit margins. They heighten inflation risks already mismanaged by the Biden administration's reckless deficit spending.
Perhaps even more concerning is the increasing potential for conflict with hostile regimes and terror groups emboldened by Biden's weak leadership on the world stage.
Trump took the U.S. out of endless Middle East wars while projecting strength through policies like the maximum pressure campaign that crippled Iran's nuclear ambitions.
In contrast, Biden is projecting weakness overseas and now all Americans may pay the price through higher prices at the pump and heightened risks of energy insecurity or military conflicts.
Restoring America's energy independence and dominance through unleashing responsible domestic production should be a top priority again for economic and national security interests. The latest global energy shocks vividly demonstrate why.
YOU NEED TO WATCH THIS NEXT
EX-CIA Advisor: These 5 military stocks are about to soar
A former advisor to the CIA and Pentagon just announced…
This new “ultimate” superweapon…
Could defeat China and Russia…
Prevent World War III…
Restore our nation’s global dominance…
And send 5 defense stocks soaring.
See this weapon in action and…
