U.S. President Joe Biden’s government should take a call to subsidize fracking operations, according to strategist Michael Harris. He stated in reference to increasing oil prices to their peak levels since 2008 due Russia supply disruption fears.
This crisis has caused increase in oil prices by more than 60% since the start of the year.
Harris expressed, “We need a government policy response that is effectively going to address this. And this is where I feel really, really strongly that the U.S. needs to step up and say we’re going to do something which seems very, very outrageous and we’re going to subsidize frackers.”
Harris added, “The reason I think it seems outrageous is in the context of what’s going on with climate but in a geopolitical context, it would make perfect sense. If it were 20 years ago, this might be very, very natural.”
Harris said that simple solution to resolve the crisis does not seem to be forthcoming.
He said, “U.S. need to “think outside the box” and consider imposing a minimum pump price, which could be set at $75 or $80 a barrel.”