A new study has shown that the U.S. economy is suffering from policies that reduce oil and gas production under President Biden by more than $100 billion annually.
The study was compiled by economists from the Committee to Unleash Prosperity. It was found that if President Joe Biden hadn’t restricted domestic oil production, Americans would spend $100 billion less on energy and goods dependent on it.
Because Biden and his friends would be happy to support more production in countries run by authoritarian regimes, I emphasize the word domestic. His groveling attitude towards Saudi Arabian and Venezuela is a clear sign of this.
So-called environmentalists are known for their opposition to domestic oil and natural gas production, coal mining, and uranium mining, as well as other critical minerals. They also support or condemn it when it happens in other countries. Despite this fact, these countries often violate human rights and their technology creates more pollution like in China and Congo.
Although “not in my backyard” might make sense in terms of the small amount of damage unregulated mining can cause to the environment, we all live in the same area. Why are we allowed more oil from Saudi Arabia and Venezuela, when we are not allowed to drill for it?
This study has it all. Aaron Kleigman from Just the News wrote an article entitled “Biden’s energy policies costing U.S. economy $100 billion per year: study.
Kleigman refers to an analysis by economists Stephen Moore and Casey Mulligan.
According to The Committee to Unleash Prosperity the U.S. will produce between 2 and 3 million more barrels per day of crude oil and between 20 and 25 billion cubic feet of natural gas per day under Trump’s policies.
These numbers are based on production figures that were adjusted for rising energy prices since President Biden assumed office in 2021.
Moore, Mulligan, and others claim that both international and domestic evidence shows that the U.S. is drilling far less than the market requires. A higher oil price will stimulate the same supply.
Kleigman claims that this report comes as the Organization of the Petroleum Exporting Countries (OPEC) and its non-member allies, a coalition known by OPEC+, which is led by Russia and Saudi Arabia, announced Wednesday that they would reduce oil production by 2 million barrels an hour. Six months ago, President Biden announced that he would reduce the Strategic Petroleum Reserve by one million barrels daily over the next six months to lower oil prices. They canceled Biden’s SPR sales, and then more. This has led to rising oil prices just in time for the mid-term elections.
Saudi Arabia has one of the lowest oil production costs in the world, despite being less tightly regulated than other countries. But, Saudi Arabia is less regulated than other countries and has the lowest oil production costs in the world.
This report by The Heartland Institute describes Biden’s policies in part. It was written in February 2022, in a relatively slow time. They cut off American energy production. They also placed moratoriums on new leases of federal land, reclassified residual water as toxic, and announced new drilling regulations in different regions.
This was after President Trump declared that the United States is energy-independent.
Biden is obsessed with net-zero carbon dioxide emissions and the path it is on is hurting American families and those of our European allies.