Biden Finds a New Way to Destroy the U.S. Oil and Gas Industry

There’s nothing new about Joe Biden’s efforts to destroy the U.S. oil and gas industry. These efforts began on day one of his administration with orders to shut down construction of the Keystone XL pipeline, which would have brought Canadian oil to U.S. distribution networks. Biden went on to ban new oil and gas exploration leases on federal lands, ban offshore drilling in many of the most desirable locations, ban new drilling in Alaska, and ban the construction of new refineries.

Biden didn’t stop there. He drained most of the Strategic Petroleum Reserve (SPR), taking it to a critically low level and impeding efforts to refill it now that prices are higher than when he drained it. Biden took much of the SPR oil and shipped it to China instead of making it available to U.S. users. Biden also imposed sanctions on Russian exports of oil and natural gas, which have contributed to higher energy prices globally and caused the partial deindustrialization of Germany and farmer protests across Europe.

In addition to handicapping oil and natural gas, Biden is spending over $400 billion to subsidize inefficient alternatives such as electric vehicles (EVs), solar modules and windmills. The EVs are piling up on dealer lots and the ones purchased have collapsing resale values and are being towed away on flatbed trucks since batteries deplete and can’t be charged in extreme cold weather. Windmills also freeze in cold weather and are killing birds on land and whales at sea due to sonar explosions used to determine suitable seabed locations.

Neither solar nor windmills can provide baseload capacity to keep a modern power grid in operation. The subsidies are a trillion-dollar waste, although Biden cronies make money personally by insider trading on “green” companies that soon file for bankruptcy once the shares have been dumped on naïve everyday investors.

Can it get any worse? Actually, yes.

As reported here, Biden has now halted permits for construction of new liquid natural gas (LNG) export terminals. Europe depends on U.S. natural gas more than ever because of sanctions on Russia. Now Biden is telling Europe to pound sand in order to pander to brainwashed climate alarmist voters in the 2024 elections.

The good news is that these Biden policies will all fail in the long run. The bad news is that the failure will be costly, and you will pay the price.

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