Sanctions on Russia, Charles Lipson notes in Spectatorworld.com, would raise those prices even higher.
Moreover, the increases would come on top of surging inflation and slumping real wages, posing more political problems for an administration that already has too many of them.
The Most Anti Fossil Fuel President in U.S. History
Among Joe Biden’s first acts as president, which began with “a flourish on Inauguration Day:”
- Cancel the Keystone Pipeline
- Curtail exploration
- Stop granting leases on federal lands
Gas prices are up over $1 per gallon in the last 12 months and up 20 cents in the last month alone, reports Mr. Lipson. The Biden administration, however, is showing no signs of stopping.
The policies on Keystone XL and EastMed are consistent with Biden’s overall approach: limit oil and gas production, refining and distribution. Reverse Trump’s pro-drilling policies. Fund alternative, renewable fuels. The immediate goal is to sharply lower carbon emissions. The medium-term goal is zero emissions. In areas where Biden has the most control, such as publicly owned lands, offshore drilling, interstate pipelines and federal regulations, he has acted most aggressively. It is those stringent policies that would face intense political pressure if oil prices rise still further.
Biden’s opposition to fossil fuels has broad support within the Democratic Party. That support remains strong despite rising prices. But Independents are clearly unhappy. Since they are upset with so many Biden policies, it’s hard to disentangle what troubles them most. Still, it is striking how little this rising resentment and declining popularity has affected Biden’s policies. Zero, zip, nada. The president and his team have hardly budged, not only on energy but on “Build Back Better” and other policies.
Joe Biden’s problems are not global energy, but his own, continues Mr. Lipson. Polls are showing only 30 percent of voters think the country is headed in the right direction – a devastating number for any incumbent.
More and more voters have decided (Joe Biden) is simply too thick, too brittle, too leftist and too old for the hardest job in the world.
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