By: Val Wallace Zimnicki
The energy policies of the Biden administration are counter-productive and are harming the U.S.
The U.S. became energy independent a couple of years prior to President Biden’s executive orders. Biden stopped oil and gas leases on federal lands and then stopped construction on the Keystone pipeline. Simultaneously, he approved Russia’s Nord Stream 2 gas pipeline to Germany, which will supply that country as well as other European countries with oil, thus weakening U.S. oil exports. This puzzling action makes no economic sense. It’s a double-hit on U.S. oil exports and U.S. oil independence. As a result, the U.S. is a net oil importer once again.
During the Trump administration, domestic oil production rose 44 percent, and we were a oil exporter for the first time in almost 60 years. This has changed. Due to Biden’s executive orders, we are now asking OPEC to pump more oil to meet our needs, and, of course, this comes at a cost. Gas and oil prices are now at highest levels in 7 years, since October 2014.
Americans are paying much more at the pump, and this hurts not only the middle class but the poor. Last year the national average for regular grade oil was $2.38 a gallon; today it’s almost a dollar more.
As usual, the costs are higher in Illinois and other blue states. Economists see oil and gas prices continuing to trend in an upward direction.
Transportation costs are not the only ones directly affected by the administration’s economic policies. Oil and natural gas are needed for products like tires, medical equipment, phones, shampoos, dresses, deodorants, sweaters, and about 6,000 other commodities. Watch for more inflation affecting many everyday products dependent on oil. Of course, politicians love higher-priced merchandise. Higher prices create higher taxes!
