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Doesn’t it seem like just yesterday Joe Biden was running for president promising that he would practically hit energy companies over the head with a two-by-four if they kept producing so much “dirty” gas and oil? Biden is growing madder.
His energy plan was to drive oil and gas out of the market by switching to solar, wind and other “green energy.” He even nominated a federal regulator who said she wanted to “bankrupt the oil companies.” But this week he’s saying he’ll practically call in the army and Marines and invade the executive offices of “Big Oil” if they don’t start producing more oil and gas. Well, which is it, Mr. President? Do you want more or less oil?
Candidate Biden famously agreed in a presidential debate he would “close down” the oil companies. And just in case they didn’t get the message, his first executive order as president was to kill the Keystone XL pipeline. That was critical energy infrastructure to bring oil and gas to markets swiftly and safely. The Institute for Energy Research counts 100 other initiatives since then — from drilling moratoriums to environmental roadblocks — to stop American oil and gas development.
What has been the effect on US energy production? Under President Donald Trump, we reached 12 million barrels a day — by January 2021, we were a net exporter of oil and gas — and the price fell to $2.49 a gallon. Now we’re at only 11 million barrels a day — even though the national average has doubled to $5.05 a gallon. The Energy Information Administration predicted we’d get to 15 million barrels a day by 2023. We’re running at least 2 million barrels a day lower than trend, costing the US economy almost $300 million a day in lost output.
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