Oil analyst: Biden administration violating ‘bedrock of capitalism’
The Schork Group principal Stephen Schork says oil is now being ‘bid out of inventory,’ which is a sign of rising demand and therefore, stronger prices.
President Biden shutting down the Dakota Access pipeline would result in Americans paying higher prices at the supermarket, according to experts.
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The Biden administration will decide the fate of the Dakota Access pipeline, which was approved by former President Donald Trump in 2017 after being denied by former President Barack Obama, following a court-ordered environmental review.
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More than 200 celebrities recently sent a letter to Biden asking him to permanently shut the pipeline due to its impact on the environment and its impact on the Indigenous people who live in the area.
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The Biden administration did not respond to FOX Business’ request for comment.
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The Dakota Access pipeline transports 570,000 barrels of oil each day from the Bakken Shale in North Dakota through South Dakota, Iowa and to an oil terminal in Illinois. It is the safest and most efficient way to transport the oil, according to operator Energy Transfer Partners.