Joe Biden’s problems are piling up with no end in sight.
But he just got hit with one problem he wasn’t expecting.
And a Wall Street titan handed Joe Biden some devastating news that left him frantic.
Record high gas prices have become a major political problem for Joe Biden’s beleaguered regime.
With no end in sight for high gas prices, Democrats are panicking.
Skyrocketing gas prices are a huge political liability for Democrats heading into the Midterm elections.
After Biden declared war on American energy, he crippled domestic oil production to advance his radical environmental agenda.
With record gas prices threatening to sink Biden’s Presidency and give the GOP control of Congress, he’s been scrambling to find a solution.
Since Biden refuses to unleash American energy, he’s put oil companies in his crosshairs.
He falsely attacked oil companies for “corporate greed” and blamed them for the price hikes.
At the same time, he’s demanded that they increase production and refine capacity to bring more gasoline to the market.
Now a major player on Wall Street gave Joe Biden some bad news about the oil industry that’s going to cost him big time.
Standard and Poor’s (S&P) is most famous for its S&P 500 stock market index.
Industry analysts at S&P Global Commodity Insight reported that the country’s existing oil refineries are running at near capacity.
Even if Biden allowed drilling for oil in the United States, the capacity isn’t there on the refinery end to turn it into gasoline.
And they found that it’s unlikely that new or shuttered refineries will come back into operation to help out.
S&P mentioned that it would cost hundreds of millions of dollars to restart shuttered refineries, with the process taking years.
With heavy handed environmental regulations hindering oil companies, it’s too risky to make the investment and then have the rug pulled out from under their feet.
The report stated, “Factors beyond economics have weighed into recent decisions to rationalize capacity. Some refineries were shut to lower corporate greenhouse gas emissions, while others were shut to convert to renewable diesel production facilities. These decisions were made at the corporate strategic level and will be difficult to reverse, even if the refineries are eligible for restart.”
The United States hasn’t built a new refinery since 1977, while hundreds have gone offline since then.
These refineries were either closed entirely or pushed into green schemes like renewable diesel.
Decades of threats and regulations have caused the oil industry to close refineries and avoid investing in new ones.
The radical environmental agenda pushed by Democrats left the country with no quick fix to the problems.
With no hope of increasing refinery capacity, high gas prices are a political problem that aren’t going away any time soon for Joe Biden.
Renewed Right will keep you up-to-date on any new developments in this ongoing story.