During an interview on "Cavuto: Coast to Coast" Friday, U.S. Oil and Gas Association President Tim Stewart argued gas prices are dropping because demand is slipping over "inflationary prices" caused by the Biden administration's energy policies.
TIM STEWART: The reality is the president doesn't have an awful lot of credit cards to swipe anymore. He can't turn to the Strategic Petroleum Reserve. He can't turn the Saudis. He's got to turn to his own U.S. producers. And that means he's got to work a little more closely with us. But also he's got to take a hard look at what's the production and the activity on the federal lands that onshore and offshore is.
That's still a 15% to 20% of the overall portfolio? So all the pride that producers on the private lands have really risen to the occasion. It would be really nice if we could get the federal component of that portfolio up to where it could be. And then I think you'd see some real relief coming forward in the next few months, giving where inflation is and everything else.
WATCH THE FULL INTERVIEW HERE: