Four Spooky Ways the Biden Administration is Attacking the Energy Industry
Products derived from oil and gas often get overlooked, but without the resources, Halloween as we know it would not be feasible. From the costumes we wear and the spooky lighting in front yards, to transporting Halloween candy children collect while trick or treating, oil and gas make Halloween possible. Despite the industry’s vital part of our way of life, the administration continues to attempt to dismantle it, leaving our nation susceptible to energy insecurity. Below are some scary ways the Biden administration has been attacking the oil and gas industry:
- Offshore Oil Lease Plan
In September, the Biden administration announced its offshore lease plan for the next five years, offering the fewest oil and gas leases in history. As the plan details only three spots for new opportunities for oil and gas drilling throughout the whole country, it severely limits energy production, undermining our national security and increasing energy prices for consumers. Without secure and accessible energy, the U.S. will either have to import oil and gas from other countries, risk overall grid instability, and endure volatile prices during a period of high global inflation. - EV Mandate
As a part of the Biden administration’s green agenda, the Environmental Protection Agency published two new rules to accelerate the transition to electric vehicles (EV) and regulate tailpipe emissions with a goal of achieving 100% EV sales by 2032. Not only does this limit consumer choice, but it could lead the U.S. to depend on foreign adversaries like China for the critical minerals essential in the construction of EVS, jeopardizing our national security and displacing opportunities for American workers abroad. These rules would raise costs for Americans and pick winners and losers in the energy industry. - Block and Delay of Major Energy Projects
Since taking office, the Biden administration has canceled and delayed several major energy projects that would have created thousands of jobs, billions of dollars in tax revenue and lower energy costs for Americans. For example, the Keystone XL pipeline, canceled in 2021, would have contributed over $3.4 billion to the U.S.’s annual GDP according to report conducted by the Department of Energy. Alongside outright canceling projects, the administration has delayed several projects like Energy Transfer’s Lake Charles LNG export project through rejecting its second request for an extension that would ensure technologies like Carbon, Capture and Sequestration would be included to decarbonize its offsets. Delaying and cancelling energy projects limit opportunities for Americans, endanger our energy independence and increase costs. - Inaction of Permitting Reform
With the Fiscal Responsibility Act (FRA) came minimal permitting reform, however, there is much work to do to streamline this rigorous process that delays energy projects for years and years, disincentivizing private investment and keeping costs high. According to the President and CEO of the Permitting Institute Alex Herrgott, the FRA only streamlined 2 percent of the actual process. Instead of working to create a thorough yet efficient review process for energy projects, the Biden administration continues to add excessive red tape, further backlogging projects that would fortify our nation’s energy independence and contribute thousands of jobs and provide millions of dollars to local communities.