In 2020, President Joe Biden declared war on oil and gas in America. In a Democratic primary debate, Biden declared, “No more subsidies for the fossil fuel industry. No more drilling including offshore. No ability for the oil industry to continue to drill, period. It ends.” High gas prices are all part of his plan.
The other day, Biden declared that there was nothing his administration had done to raise prices or restrict drilling. Actually, there have been plenty of regulatory measures taken and offshore leases curtailed. More importantly, Biden declared war on fossil fuels.
If you were an investor, would you invest in a company the president of the United States declared he would end? The Biden administration’s entire posture has been against the oil and gas industry, which has fostered uncertainty in the market and disincentivized further investment. They have coupled this with regulatory gusto. They have additionally refused to fight activist Obama-appointed judges using climate change as an excuse to shut down offshore oil drilling.
In a strange bit of optics, as the president was suspending Russian oil imports last week, he requested $2.6 billion for “gender equality” globally. He’s causing American energy price increases and wasting billions on nonsense. Now, he wants to blame the Russian oil imports for high gas prices, which were high before the ban. In doing so, Biden noted American oil producers produced more oil in his first year than in President Donald Trump’s first year.
That is a sleight of hand that highlights just how disingenuous Biden is being. Trump’s first year had been preceded by the oil-hostile Obama administration. Trump got oil flowing again onshore and offshore. Trump’s second year outpaced Biden’s first year. In fact, years two through four of Trump’s tenure each saw more oil produced than Biden’s first year. In other words, the truth is that oil production fell once Biden got in office.
But there is something else. Oil hit $147.90 on July 14, 2008. That was and remains the record high. But oil plunged the next day. By the end of that week, oil prices were down 12%. By November, oil was back to $30 a barrel.
What caused the plunge on July 15, 2008? President George W. Bush announced he was authorizing offshore oil exploration. That’s it. That’s the only thing that happened. News outlets said it would amount to nothing. The Obama campaign team dismissed it as a stunt. It directly caused the price of oil to start declining.
Why? Because oil is bought in a futures market, not a present market. The market responded to the information that more American oil would be coming online by sending prices down.
The United States now has larger oil reserves than either Russia or Saudi Arabia. According to a Los Angeles Times report, “The U.S. is sitting on 264 billion barrels, 8 billion barrels more than Russia and 52 billion more than Saudi Arabia, the dominant member of the Organization of Petroleum Exporting Countries (OPEC), according to the report by Rystad Energy, a respected oil and gas consulting firm based in Oslo. Three years ago, the U.S. was behind Russia, Saudi Arabia and Canada in Rystad’s estimates of recoverable oil — barrels that are technologically and economically feasible to extract.”
If Biden were to commit to tapping our oil reserves and expanding domestic energy production, oil markets would respond rapidly, just as they did in 2008.
Instead, even now, his administration dogmatically demands Americans switch to electric vehicles and get off fossil fuels. His administration continually signals that they will put the fossil fuel industry out of business. They thereby disincentivize investments in oil and gas, driving up costs on the American people.
Decline is a choice, and it is one Biden’s administration is making on the backs of the American middle class. Their Marie Antoinette moment of “let them have electric vehicles” is going to provoke a backlash. They can blame Russian President Vladimir Putin all they want. Banning imports of Russian oil was the right thing to do — but it should responsibly be done by expanding American energy production instead of relying on Venezuela, Iran and Saudi Arabia.
Has my stand up comic arrived in Poland yet? Has this woman been tested for drug abuse? WTF IS GOING ON??? Why did it take so long to stop oil from Russia? Why is there no energy policy? Why was China given US intel? What’s going on at the White House? Time for a redo: Designated Foreign Terrorist Organization Talaban, why is Biden giving weapons of war to them when it is against the laws of the United States?International laws as well as United States laws broken by Biden orders to give weapoms of war to the Talaban.It is unlawful for a person in the United States or subject to the jurisdiction of the United States to knowingly provide “material support or resources” to a designated FTO. (The term “material support or resources” is defined in 18 U.S.C. § 2339A(b)(1) as ” any property, tangible or intangible, or service, including currency or monetary instruments or financial securities, financial services, lodging, training, expert advice or assistance, safehouses, false documentation or identification, communications equipment, facilities, weapons, lethal substances, explosives, personnel (1 or more individuals who maybe or include oneself), and transportation, except medicine or religious materials.” 18 U.S.C. § 2339A(b)(2) provides that for these purposes “the term ‘training’ means instruction or teaching designed to impart a specific skill, as opposed to general knowledge.” 18 U.S.C. § 2339A(b)(3) further provides that for these purposes the term ‘expert advice or assistance’ means advice or assistance derived from scientific, technical or other specialized knowledge.’’18 U.S. Code § 2381 – “Treason”Whoever, owing allegiance to the United States, levies war against them or adheres to their enemies, giving them aid and comfort within the United States or elsewhere, is guilty of treason and shall suffer death, or shall be imprisoned not less than five years and fined under this title but not less than $10,000; and shall be incapable of holding any office under the United States.
Very good article…
OIL is Americas Life Blood these people Climate Clowns are Nuts Solar is Useless except for minimal power Wind Mills Freeze iy you want Clean unlimited Power Nuclear is the most efficient natural Gas is clean too Everyone thinks Electric cars are Great We have No Grid Capacity or charging capabilities yet how stupid is that ?? Weather can not now or ever be Controlled When you can stop a Volcanoe’s Tsunami Earthquakes Tornados Lightning strikes or Forest Fires Let me know otherwise you are Foolish Oh Yeah China India& Pakistan still burn Coal
Forget the inefficiency of electric cars and the huge carbon footprint to manufacture. Until the operating cost comes down to equal fossil fuels, the public will mostly ignore them. Duh. If the biden administration was concerned about fossil fuels, mandate all road work for 8 pm to 6 am that safely be done at night. And more golf cart paths. Easy, quick, cheap and huge savings of time and fuel. But that is not the goal.
Our Coprolite in Chief constantly hammers on his imagined utopia when all ground vehicles are converted to battery power. A short math equation sheds some light. The U.S. has 276,000,000 cars on the road and they’ll be equipped with a half ton battery that’s replaced about every 5 years.
The result is 41.4 million tons of toxic waste annually. It must be shredded, neutralized and the part that cannot be recycled must be buried. It’s even worse when extrapolated for the millions of trains, trucks, tractors, buses and other smaller service vehicles.
There has NEVER BEEN A PRESIDENT SO ANTI-AMERICAN, SO DUMB, SO INCOMPETENT, SO STUPID as we now have in the White House, NEVER!
I think the voters and supporters of his positions need to be included in his insane positions .The term “I’m sorry ” does NOT make their actions OK !