Biden’s energy policies are hurting the US and Europe: here’s the fix
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The respite in highly traded and short-lived gas prices did little to ease Americans’ financial woes this summer. Now that reprieve is officially over and the international oil cartel, OPEC+, has announced deep production cuts of 2 million barrels per day. Leaked talking points revealed that the White House considers this action a « total disaster », which is correct. What the Biden team won’t admit is that it’s one of their own creations.
Asked about the cuts announced by OPEC+, press officer Karine Jean-Pierre replied that « oil and gas prices are falling ». I guess we shouldn’t believe our lying eyes and ignore our exhausting wallets. Although this is an absurd and inane answer, it is not surprising. Faced with a limited oil supply and persistently high gas prices, the Biden administration has resorted to blame, distraction and a host of political gimmicks, but no serious solution.
The latest policy ploy under consideration includes banning or limiting the export of gasoline, diesel and other refined petroleum products. Such a decision would be a serious blow to our refining industry, hurt our allies abroad and drive up gas prices. Moreover, it could undermine national security by causing countries that currently depend on our exported products, including Latin America, to look to other countries like Russia or China to meet their energy needs. A study assessing the impact of an export ban found gasoline prices could rise by 15 cents a gallon in some areas and could eliminate up to 120,000 jobs over two years.
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Another trick includes the continued release of crude oil from the Strategic Petroleum Reserve, which by the end of October will be at its lowest level since 1984. In response to the OPEC+ announcement, the Biden administration announced another release of 10 million barrels scheduled for November. Historically, this asset was used for disruptions caused by natural disasters, not political disasters, but the Biden team has spent months draining this strategic resource in an attempt to allay voter concerns about high-cost gas. . This effort is not working either.
The realities of inflation and high-cost gas remain front and center as families struggle under Biden’s economy. According to a Rassmussen poll, 87% of likely US voters are concerned about high gas prices, and within that group, 57% are extremely concerned. Voters are right to worry because our state of energy vulnerability continues to worsen and take note of the energy fallout in Europe.
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We do not have to speculate on the extent of the future consequences linked to the anti-fossil energy policy. They are literally played out among our European allies. An overreliance on inferior energy technologies like wind and solar, while becoming increasingly dependent on Vladimir Putin – who has written about using energy as a geopolitical weapon for decades – was an obvious recipe for disaster. Objective energy experts have regularly raised concerns about Europe’s green energy plans and commitments to become « a climate-neutral society » by 2050. In 2018, President Trump directly warned European leaders of the impending consequences.
Europe now faces electricity prices that have risen by 400% alongside widespread food shortages. Some European governments are considering energy rationing and criminal consequences for anyone who sets their thermostat outside of approved temperatures as they prepare for a winter without Russian gas. Estimates suggest the cost of heating homes will be seven times higher in Europe this winter and many will be forced to choose between heating and eating.
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While the current crisis is largely self-created, it has forced an energy balance sheet where even Europe’s greenest leaders are rethinking their approach to energy and, perhaps most importantly, looking to the United States to get help. Therein lies the obvious solution to energy problems here and abroad: American oil and gas.
If the Biden team for once puts America’s interests ahead of those of climate zealots, it could bring gas prices down and put the United States back in a position to provide life-saving energy to European allies looking to the United States for long-term energy. Security. We can and must deliver.
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Full utilization of American oil and gas at a time when demand is so high could also get us out of the current economic rut. Jobs and income are an obvious plus, but such a move would be good for the global environment. The expansion of natural gas in the United States is why we lead the world in overall emissions reductions. Compared to Russian gas, American gas is on average 41% cleaner. According to one analysis, exporting U.S. natural gas to world markets could reduce carbon dioxide emissions by 1.1 billion metric tons a year, a purported goal of the Biden administration.
There is a real solution knocking on the president’s door and he has the tools to deliver it.
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