Biden running out of credit cards to swipe, must turn to U.S. energy producers: industry chairman

During an interview on “Cavuto: Coast to Coast” on Friday, US Oil and Gas Association President Tim Stewart said gas prices were falling because demand was slipping on “inflationary prices” caused by the energy policies of the Biden administration.

Tim Stewart: The reality is that the president has run out of credit cards to swipe. It cannot turn to the strategic petroleum reserve. He cannot transform the Saudis. He must turn to its own American producers. And that means he has to work a little more closely with us. But it must also look closely at production and activity on federal lands onshore and offshore.

California Gas Prices Surpassed $6.00 a Gallon (Photo by Justin Sullivan/Getty Images/Getty Images)

Is it still 15% to 20% of the overall portfolio? So all the pride that growers on private land have really lived up to. It would be really nice if we could get the federal component of that portfolio to where it could be. And then I think you would see real relief in the next few months, giving where is the inflation and everything other.

BUTTIGIEG HIGHLIGHTS FALLING GAS PRICES AFTER SUGGESTING THEIR INCREASE WAS GOOD FOR THE TRANSITION TO EVS

WATCH THE FULL INTERVIEW HERE: