Biden Stops New US Oil And Gas Production

It's an intentional war on energy.

Nut job green fanatics inside the White House are on their way to shutting down American oil and gas production. Larry Kudlow illuminates the issue.

Kudlow: Promising news from the U.S.-G7 meeting. They announced a ban, or phase-out, for imports of Russian oil: “We commit to phase out our dependency on Russian energy, including by phasing out or banning the import of Russian oil. We will ensure that we do so in a timely and orderly fashion.”

Well, I wouldn’t exactly call that ironclad, but it is progress, especially for Germany, but also France and Italy, who up to now have opposed any kind of European ban on imported Russian energy. European imports of Russian energy total roughly $1 billion a day. And so with today being day 74 of the war, that could be $74 billion to Russia, which is vastly more assistance than Europe has given to Ukraine and really, unfortunately, the Europeans are still financing Putin’s war machine. It’s a tragedy.

All I’m saying here is perhaps the G7 thought will be the father to actual G7 actions later this year. Maybe, but something good.

Now, of course, if the Europeans are going to shut down Russian energy imports, you would think Joe Biden would be leading the charge of America to the rescue. Turn on all the LNG export spigots to full throttle, help the Europeans, stop financing the Russian war machine. Well, you would think that, but unfortunately, you’d be wrong because no matter what President Biden may say about short-run this or short-run that, the reality is his administration’s new NEPA permitting rules will basically stop new oil and gas production and new pipeline building.

Of course, the Keystone XL pipeline is gone, thanks to Biden. Alaska drilling — gone. Other smaller pipelines — gone. Those decisions have already been made by Biden’s Energy and Interior departments and his EPA. But just a few weeks ago, after bragging that at least a small amount of leases on federal lands will become available, the White House Council on Environment Quality put out the most restrictive, onerous infrastructure regulations in history.

Any new infrastructure projects — be they fossil fuel-related, or pipelines, or even bridges, roads highways, tunnels — will be subject to direct, indirect and cumulative environmental impact reviews. The social cost of carbon and its cumulative impact could go back 100 years and forward 100 years, all one gigantic roadblock.

Those new regulations actually neuter the trillion-dollar infrastructure bill that was passed months ago and supported by the Biden administration. Under these new rules, we won’t be able to help Europe, nor will we be able to help the U.S. Ironically, we won’t even be able to help the greenies, because a lot of their projects to build wind and solar and electric charging stations and EVs will be stopped by these radical environmental regulations.

Oil, by the way, is still over $100. Gasoline at the pump is only a penny short of the all-time record set a month ago at $4.32 nationwide. Natural gas is over $7…So, all the rhetoric in the world about Europe pulling back from Russian energy, or Biden pulling back from his fossil fuel jihad, turns out to be completely false. In fact, all the talk about new energy lease availability is nonsense because the leases are worthless when energy companies know they can’t get permits. Permits are the key! So, once again, the Bidens speak with forked tongues. I hope they enjoyed their energy cognitive dissonance with the G7.

The opinions expressed by contributors and/or content partners are their own and do not necessarily reflect the views of the Objectivist. Contact us for guidelines on submitting your own commentary.

Share your opinion

COMMENT POLICY: We have no tolerance for comments containing violence, racism, vulgarity, hard-core profanity, all caps, or discourteous behavior. Thank you for partnering with us to maintain a courteous and useful public environment!