Austan Goolsbee denied one assertion after another as the Fox News host attacked the Biden admin's energy policies on his Friday show.
COVID-related shutdowns and supply shortages amid increased customer demand have been attributed to the increasing inflation in almost all areas of the economy.
The state passed North Dakota as the second largest oil producer in the country this year, largely fueling the state's projected $1.6 billion surplus.
OPEC and its allies took part in a meeting Thursday where they decided to approve a production increase of 400,000 barrels per day for the month of January.
The president asked the FTC to investigate whether Americans are paying more for gas "because of anti-competitive or otherwise potentially illegal conduct."
Global consumers are witnessing a huge spike in oil and gas prices concerning people's bills in the coming months.
Increased demand for energy and soaring oil prices as economies reopen after pandemic lockdowns have buoyed Aramco's valuation.
A cyberextortion attempt on the Colonial Pipeline, a major U.S. transport for gasoline and other fuel, sent gasoline costs soaring on Monday after a ransomware attack brought pipeline operations to a halt.
U.S. energy trading experts said Monday's first-ever oil futures crash below $0 does not mean that Americans will suddenly be paid to fill up their cars' gas tanks.
The coronavirus outbreak has led to a significant drop in oil and gas prices, and that has executives considering a cap on oil production until demand returns to normal.
U.S. President Donald Trump directed a strike that killed Iran's Quds Force leader Qassem Soleimani, an attack that sent oil prices higher as Middle East tensions spiked.
"This is nonetheless a historically large disruption on critical oil infrastructure and these events represent a sharp escalation in threats to global supply with risks of further attacks," the bank wrote.
A shale oil boom in the U.S. is helping to create a glut in supply, putting pressure on OPEC to cut production.
Oil prices have dropped significantly, with the U.S. benchmark price dipping below $60 per barrel.
"U.S. sanctions against Iran will both weigh on Iran's oil production prospects in the medium term and reduce Iran's crude exports in the short term...," the report predicts.
Prices could reach $90 a barrel.
President Nicolas Maduro said the move will "stabilize and change the country's monetary life in a radical way."
The U.S. is legally "obliged to stop these international breaches and compensate for all the damage inflicted," Iran says.
"You impose sanctions on major producers ... and yet you are asking them to reduce the prices?"
OPEC members have agreed to cut output by 1.2 million barrels per day for the first half of 2017.
Elevation of Khalid al-Falih seen as message that Saudi Arabia is moving forward with plans to be less reliant on oil profits.
Brent crude oil appears to continue rising through what has been a volatile week for the industry.
The government will also sell off state assets to fund the billions in damages.
Alexander Novak believes oil's recovery will continue.