President Joe Biden used the announcement of an eventual full ban on Russian energy imports to lie to the American people … again.
The president spent a large portion of the announcement dishonestly blaming Russia for all the pain at the pump you are already experiencing and for price increases yet to come.
Biden told you “there would be costs” for this ban informing you that gas prices would go higher than they already had under his failed policies. In actuality, the U.S. had stopped receiving Russian oil in mid-February:
“The Department of Energy reported that in the last two weeks of February, Russian oil imports dropped to zero as US companies cut ties with Russia, effectively implementing their own ban.”
So… it’s already priced in.
Also, since we’ve stopped purchasing Russian oil, wouldn’t that reduce demand on a current supply thereby putting downward pressure on a commodity? Isn’t that the point? That Russia will have to sell its oil at such a steep discount to the few countries that will accept it so that it will crush Putin’s energy-based economy? Now, what happens if Russia dumps oil at a discount to China, North Korea, and whomever else? China is the second-largest consumer of oil so the global oil market will see a massive dip in demand, you get the point.
The president next told Americans that the country will continue to be a net exporter of petroleum in 2022 and again in 2023. Not according to the government’s own Energy Information Agency who issued a report last month showing the U.S. would return to net importation of petroleum in 2022 :
“Following its historic shift to being a net exporter of petroleum in 2020, the United States continued to export more petroleum (which includes crude oil, refined petroleum products, and other liquids) than it imported in 2021. According to our February 2022 Short-Term Energy Outlook (STEO), we expect net crude oil imports to increase, making the United States a net importer of petroleum in 2022.”
And finally, Biden said that America is producing more oil than we ever have. While that’s true, it’s also misleading. Other than recessionary periods and the pandemic, America has continually produced more oil to meet rising demand. The problem for the economy is that oil production is growing much slower under Biden’s energy policies than it did under the previous administration.
The first dip in the charts above is the recession, notice how fast production picked back up afterward. The second is the pandemic, under which we are forced to recover with Biden at the helm. Production is not ramping up as quickly and is forecast to slow even further. In fact, the EIA is forecasting a slowdown around the end of this decade. Why is that? Biden told us in his speech that his policies were not to blame for the energy crisis.
Not so fast.
With oil prices at incredible levels, why aren’t drillers drilling?
“Even if the cash is there, there are other factors at play as to why U.S. producers are reluctant. Oil companies have to consider the regulatory ambitions of the Biden administration, said Antoine Halff, a founding partner at the energy consultancy Kayrros – especially when it comes to the methane that leaks out of oil wells.
“There’s probably a concern among producers that they need to be very careful not to ramp up the methane emissions to match and to toe the line and to try to reduce their footprint as much as they can,” he said.
AFP lines out 25 reasons that Biden’s policies are a headwind for the economy, the first few are pointed directly at energy production:
#1 and 2: Adopting new EPA oil and gas rules
In November 2021, the Environmental Protection Agency announced new regulations governing methane emissions from oil and gas production, transmission, storage, and distribution that would cost more than $1 billion a year.
Last spring, Biden signed a resolution that overturned Trump administration reforms to EPA oil and gas rules. This resolution will worsen energy poverty, reestablish burdensome regulations, and have a disproportionate impact on small businesses.
#3, #4, #5, #6, #7, and #8: Restricting or impeding energy projects
One of Biden’s first actions after taking office was to halt new oil and gas leases on federal lands and waters, the Biden administration has delayed decisions on these leases — a move that results in higher energy costs for the most vulnerable consumers.
The administration canceled the Keystone XL pipeline and suspended oil and gas leases in the Arctic National Wildlife Refuge and New Mexico (despite opposition from the Navajo Nation). It also resurrected the “Waters of the United States” rule, which would increase barriers to energy projects.
The White House is pursuing new standards for particulate matter and ozone, likely tightening them to unachievable levels for much of the country and creating new barriers for energy project permits.
The president also has rescinded Endangered Species Act reforms, a move that will increase red tape and allow litigation to slow down energy projects.
#9: Rejoining the Paris agreement
In April 2021, without the consent of Congress, Biden rejoined the Paris agreement, which will result in onerous new regulations that could raise energy costs.
#10: Appointing unaccountable energy regulators
The president has created several bodies within the White House charged with creating new policies to regulate energy. The people who run these councils are unelected and do not need Senate confirmation, but they have been given broad powers to come up with new executive actions — which do not need consent from Congress — to regulate U.S. energy production.
The Biden administration’s terrible energy policies are directly to blame for the $5 gas that’s just around the corner and we will likely see prices even higher than that. In the president’s own words, the idea that his policies are not at fault is “simply not true.”
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