As of Wednesday morning, March 9, gasoline prices reached their highest mark in U.S. history, smashing the all-time record set all the way back on—Tuesday.
Contrary to many misleading statements from the White House, the Biden administration’s policies have unquestionably helped to contribute to the current energy crisis.
Democrats’ domestic COVID-19 spending spree—which was funded largely through money-printing—also helped to spur inflation and drive up the price of energy.
As disastrous as these policies have been, not just for the price of energy today, but for the next decade, other key policy proposals issued by Biden during the past six months will likely make the problem substantially worse.
According to the White House, the plan includes “new regulations that will significantly broaden and strengthen methane emissions reduction for new oil and gas facilities.”
“In addition,” the White House added, “for the first time ever, it will require that states develop plans that will reduce methane emissions from existing sources nationwide—including from an estimated 300,000 oil and gas well sites. Overall, the proposed requirements would reduce emissions from covered sources, equipment, and operations by approximately 75 percent.”
Those increased regulatory burdens, coupled with fewer oil and gas leases, will undoubtedly push energy prices increasingly higher in the months and years to come.
Making matters even worse, Biden announced on March 8 a ban on imports of Russian oil and gas, a decision the White House hopes will put further pressure on Vladimir Putin’s government to reverse course in Ukraine.
Without ramping up domestic energy production or having a valid alternative source of foreign oil already in place, Biden is all but guaranteeing prices to increase well beyond $5 per gallon in the near future. In fact, in California, that has already happened.
This is particularly important because the price of energy impacts virtually all other products and services in the U.S. economy, and it disproportionately affects lower-income and working-class families, who spend a much higher percentage of their paychecks on energy.
For many families, Biden’s policies will surely lead to incredibly hard choices—for some, a decision between paying for gas to get to work and putting food on the table.
On the issues of energy, the economy, and foreign policy, the Biden era has been nothing short of catastrophic. And the worst part is, there’s no sign that the White House is planning to change course soon.
