Biden’s Energy Policies Cost $100 Billion a Year, Reports Are Just New – Big Boost With That?
News site Just news, published a story written by Aaron Kleigman, discussing the high costs imposed on the US economy by policies imposed by President Joe Biden to limit the production, distribution, and use of natural gas. fossil material. In an article titled “Biden’s energy policies cost the US economy $100 billion a year: study,” Kleigman discusses recent research by economists Stephen Moore and Casey Mulligan at the Commonwealth Development Commission showing that the Biden administration’s oil and gas policies cost the US economy $100 billion a year. . Kleigman and Just news would be applauded for bringing attention to this important study.
According to the study, the United States has produced far less oil and gas than it could have, under current market conditions, without the Biden administration’s policies restricting oil and gas production and making production less likely. that output becomes more expensive. As a result, the economy is suffering.
Discussion researchKleigman wrote:
“The United States will produce an additional 2 to 3 million barrels of oil per day and 20 to 25 billion cubic feet of natural gas under Trump policies,” the report released by the Commonwealth Development Commission said. “This results in economic losses – or taxes to the US economy – of about $100 billion a year.”
The numbers are based on production numbers adjusted for the spike in energy prices since President Biden took office in 2021.
“Both domestic and international evidence shows that when we adjust international oil and gas prices higher, the United States is drilling not as much oil and gas, but far below it as market conditions dictate. ,’ Moore and Mulligan argue. “Higher oil prices are needed to drive the same supply during the Biden administration.”
Kleigman notes that the Moore and Mulligan report comes even though “the Organization of the Petroleum Exporting Countries (OPEC) and its allies are not members of this organization, an alliance known as OPEC+. led by Russia and Saudi Arabia, announced Wednesday, they will cut oil production by 2 million barrels per day,” and shortly after President Biden announced he would continue to drain the US Strategic Oil Reserve by 1 million barrels per day over the next six months to try to lower the price. The OPEC+ move is more effective than removing Biden sales from the reserve. Due to Biden’s failed diplomacy, oil prices are rising again.
Although Saudi Arabia has some Lowest cost of oil production world, the kingdom itself relies heavily on oil sales to finance the government. Estimates suggest that $83 per barrel is needed to keep the balance. As a result, Saudi Arabia, one of America’s biggest oil-producing competitors, has a strong incentive to keep prices high.
Biden’s policies, detailed by Climate realism here, hereand hereFor example, has hampered US energy production, handing control of oil prices to OPEC and OPEC+, after Trump declared US energy independence.
Many of Biden’s actions hindering domestic energy production were reported in a report from Heartland Institute:
- Remove Keystone XL . Path
- Restrictions on drilling in parts of the Arctic Ocean, Bering Sea and federal lands
- Introduce a moratorium on new oil and gas leases on federal land
- Cancellation of energy production lease at Arctic National Wildlife Refuge
- Plans to close nearly half of the National Petroleum Reserve in Alaska
- Strict new regulations on methane emissions from oil and gas production
- Classifying residual water from oil and gas drilling as hazardous waste
- Consider hiking royalties paid by fossil fuel companies to the federal government
The Biden administration’s restrictions on fossil fuel development have had a significant cooling effect on investment in oil and gas projects, as the recent Prosperity Commission report shows. Sadly, the corporate media has largely ignored this important story because it goes against the narrative they’ve been spinning over the past few decades that oil and gas companies are ruining the earth by cause climate change. Thanks to Just the News, for bringing attention to important, truth-telling research about the continued importance of fossil fuels to modern civilization and economic progress.
https://www.heartland.org/about-us/who-we-are/linnea-lueken
Linnea Lueken is a Research Fellow of the Arthur B. Robinson Center for Climate and Environmental Policy. As a Heartland Institute intern in 2018, she co-authored the Heartland Institute Policy Brief “Drawling Four Persistent Myths of Hydraulic Fracture.”
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