Joe Biden’s Presidency has been worse than most people could have imagined.
He’s worsened more crises than he’s solved.
Now Biden kneecapped his own economy with this bone-headed move.
The American people are getting pummeled by record-high gas prices.
The cost of energy raises prices across all sectors, which is contributing to 40-year-high inflation.
And Biden is making the problem worse by continuing to hamper the oil and gas industry.
At a time when energy production needs to be ramped up, the Biden administration is making it harder canceling drilling leases.
The Wall Street Journal reported that “the Biden administration canceled plans to auction drilling rights in three regions off the U.S. coastline later this year, adding more friction to an uneasy relationship with the oil industry during a period of high gasoline prices. The decision to cancel lease sales for two regions in the Gulf of Mexico and one off the coast of Alaska leaves oil-and-gas companies facing a blackout period of unknown length for access to new drilling spots in valuable offshore acreage. A five-year schedule for offshore lease sales expires at the end of next month, and the Interior Department has yet to propose a new one.”
Biden and the Democrats’ green agenda is making energy more expensive.
Not only is the regulatory climate challenging, which decreases production and drives speculation in the market, but the anti-fossil fuel rhetoric makes companies skittish about investment.
They don’t know when or if they’re going to get kneecapped by regulators.
Marty Durbin of the Chamber of Commerce said in a statement, “The lack of new lease sales will lower future supplies, which will keep energy prices high and drive inflation for years to come . . . While some in the Administration have called for more domestic production, this action sends exactly the wrong signal to producers and markets.”
Biden is talking out of both sides of his mouth.
He says he wants to lower the price of gas, but he also has to placate the radical environmentalists on the Left.
CNN of all places called out the administration for the double talk.
Host Abby Phillip said, “Interestingly . . . one of the challenges for Biden is that he needs more drilling in order to get through this period of high gas prices. But progressives, frankly – I mean, that is just not politically tenable for a Democratic President to say to the oil companies, ‘Drill, baby, drill.’”
Biden seems to have chosen the strident environmentalists over all of the American people.
Stay tuned to Right News Wire for any updates to this ongoing story.