GHETTOBLASTER » 16 Oct 2022, 9:43 am » wrote: ↑
Biden’s Actions Affecting Oil and Gasoline PricesOn January 20, 2021, besides cancelling the Keystone XL pipeline, President Biden restricted domestic production by issuing a moratorium on all oil and natural gas leasing activities in the Arctic National Wildlife Refuge. He also restored and expanded the use of the social cost of carbon metric to artificially increase the regulatory costs of energy production of fossil fuels when performing analyses, as well as artificially increasing the so-called “benefits” of decreasing production.
On January 27, 2021, Biden issued an executive order announcing a moratorium on new oil and gas leases on public lands or in offshore waters and reconsideration of Federal oil and gas permitting and leasing practices. He directed his Department of Interior to conduct a review of permitting and leasing policies. Also, by Executive Order, Biden directed agencies to eliminate Federal fossil fuel subsidies wherever possible, disadvantaging oil and natural gas compared to other resources that receive Federal subsidies.
By the end of January 2021, average gasoline prices were 7 percent higher than in December 2020 averaging
$2.326 a gallon for the month.
On February 19, 2021, Biden officially
rejoined the Paris Climate Agreement, which is detrimental to American fossil energy, while propping up oil production in Russia and OPEC and increasing the dependence of Europe on Russian oil and natural gas. It also benefits China, who dominates the supply chain for critical minerals that are needed for wind turbines, solar panels, and electric vehicle batteries.