TIPP: Biden’s shortsighted energy policy reaps wretched dividends

By TIPP EDITORIAL BOARD, TIPP Insights

We have repeatedly criticized President Biden from Day One as he embarked on a shortsighted energy policy that was tantamount to self-flagellation. He signed executive orders to halt new oil and natural gas leases on public lands and water. Aspiring to be “non-Trump,” he canceled the Keystone XL pipeline. It could have transported about 830,000 barrels per day to Nebraska. We have yet to figure out the wisdom of not drilling in the U.S. but begging dictators worldwide for oil and gas.

On Wednesday, reacting to the OPEC+ announcement that they would cut production by 2 million barrels per day (BPD), National Security Adviser Jake Sullivan and Biden’s economic adviser Brian Deese stated that Biden was “disappointed by the shortsighted decision by OPEC+.”

Shortsighted? How ironic is that choice of words!

It must not be overlooked that Russia, a major oil and gas producer, and the biggest energy supplier to Europe, is also a member of OPEC+.

President Biden’s chickens are coming home to roost. Here are four dividends of President Biden’s weak energy policy.

First, as we have argued, President Biden’s green energy policies have inadvertently led to the Russia-Ukraine war. He reduced domestic oil production. The U.S. purchased Russian oil to offset this, contributing to Putin’s war chest. In early March, Russia supplied the United States with 700,000 barrels of crude oil, daily.

You can extend the saying “follow the money” to “follow the energy” to understand geopolitics better. It is like peeling an onion.

For instance, aside from Biden, Europe’s dependence on Russian energy is an underlying critical factor driving the Russia-Ukraine war.

Second, Biden’s energy policy is weakening America’s standing in the world.

During a Democratic presidential debate in 2019, while discussing the 2018 killing of journalist Jamal Khashoggi, Biden beat his chest and promised to make Saudi Arabia a pariah nation. Incidentally, the British Raj word “pariah” means “untouchable.” Fast forward to July this year.

Dire prospects at the ballot box in November amid 40-year high inflation broke President Biden’s resolve. The leader of the Free World traveled to the ‘pariah’ state, fist bumping the Crown Prince, and requested him to boost oil production.

Leading up to the OPEC+ meeting, the White House unleashed Amos Hochstein, Janet Yellen, and Brett McGurk to plead its case with oil producers. Their efforts failed miserably. It is a testament to how our standing in the Middle East has deteriorated under President Biden.

“It’s clear that OPEC+ is aligning with Russia with today’s announcement,” White House Press Secretary Karine Jean-Pierre said aboard Air Force One.

It is a fair question if OPEC+ deliberately took action to weaken President Biden at home before the November midterm elections.

Third, President Biden jeopardizes U.S. national security by using the Strategic Petroleum Reserve (SPR) as his piggy bank to fight inflation. What if an emergency disruption hits before we can replenish the reserves? Emptying the security blanket could expose the U.S. to a bigger crisis.

The President has repeatedly demonstrated that he cares more about his political prospects than the nation’s interests. The theme is common in anything he does: be it his ill-conceived waiver of student loans, a ploy to woo a segment of voters, or calling his irresponsible Orwellian spending “Inflation Reduction Act.”

When Biden took office, the SPR had 638 million barrels; now, it has only 416 million barrels, down 222 million or 34.7%. The U.S. consumes about 19.9 million barrels per day. The reserve supply can meet just 11 days of U.S. needs. The reserve is inadequate, and a geopolitical event in the Middle East that jeopardizes supply could result in dry pumps in America.

Fourth, President Biden’s energy policy has intensified inflation. Bidenflation is running at 12.6%. Energy prices have increased 43.2% under President Biden’s watch. Gasoline prices are up 57.2%, and when OPEC+ cuts 2 million BPD, Gasbuddy estimates that it would increase by another 15 to 30 cents a gallon.

As we have said before, Newton’s third law applies to geopolitics also. For every action, there is an equal and opposite reaction. President Biden’s foolhardy policies come with a price.

Despite division on most issues, Americans agree on energy independence – even if it comes at the cost of climate change priorities. According to an IBD/TIPP Poll, two-thirds (63%) support drilling for domestic fossil fuels at the expense of climate change.

As we have said before, Newton’s third law applies to geopolitics also. For every action, there is an equal and opposite reaction. President Biden’s foolhardy policies come with a price.

Despite division on most issues, Americans agree on energy independence – even if it comes at the cost of climate change priorities. According to an IBD/TIPP Poll, two-thirds (63%) support drilling for domestic fossil fuels at the expense of climate change.

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