President Barack Obama’s energy policies have locked down the nation’s oil and gas industry — and Americans could be paying $6 a gallon for gasoline if they are not reversed, energy expert Thomas Pyle tells Newsmax.TV.
Story continues below video.
Although Pyle noted that both Democratic and Republican administrations have shied away from exploiting the country’s vast energy resources in the past, Obama’s policies in particular “have led to basically a shutting down of the oil and gas industry in this country.
"Which, as the third-largest producer of oil in the world, is certainly going to send a signal to the marketplace that we are going to see a shortening of supply at a time when we actually need to be producing as much oil as possible not only to satisfy the growing demand in other countries but also in order for us to recover economically.”
The country is “on a path for not only $4.50 gasoline, potentially $5, even $6 gasoline if these policies continue,” said Pyle, former policy analyst in the U.S. House.
However, just as Obama’s policies have sent a signal to the marketplace, a reversal will do the same with an immediate effect, he said.
“If we do get back to work producing energy in this country it will have an immediate impact on the price of crude oil,” he said. “Not because it’s going to be pumped out of the ground today but because as I said earlier being the third largest producer of oil in the world it will send a signal to the markets that we’re back in business and these folks, the folks that bet on oil in the future, will say okay supply is going to come back.”
© 2015 Newsmax. All rights reserved.