has already released tens of millions of barrels of oil from the Strategic Petroleum Reserve, but it has not been enough to have an impact. Meanwhile, the administration's ban on Russian energy imports further tightened supply.
Michael Garabedian, owner of Garabedian Properties Custom Home Builder in Southlake, Texas, says the Biden administration should return the country to being energy independent, and should "incentivize" domestic production of oil and gas. "As a restaurant business, we have very tight revenue margins. A small change in prices from our [distributors], gas costs and labor costs can really hurt us. The Biden administration should look to any and all solutions to make gas prices more affordable for everyone. They need to enact a plan to reduce inflation and increasing costs for small businesses."
"This isn't just about Ukraine, this has been a growing issue since January 2021. ... It's a squeeze that gets tighter by the week."Sue Schulz, owner of What's Poppin Texas in Bedford, said the pandemic had already increased the costs of goods, but now with spiking energy prices, she may be forced to shut her doors.
"Despite the rise in what is charged to consumers, the profitability of the business has decreased. Any increased pricing is eaten up by inflation due to increased shipping costs and increased employee pay," he said. "In the past, I have been able to keep my employee’s pay at a rate where they have a comfortable living, but now it is growing increasingly difficult to find customers who are willing to bear the increased costs of services.
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