“No more subsidies for the fossil fuel industry. No more drilling, including offshore. No ability for the oil industry to continue to drill period. It ends.” - Biden 2020
As a candidate, Biden campaigned on replacing oil and gas with renewables. As a president, he's strived to keep those promises.
Some of Biden's actions to date
- Jan 2021 (Avg. Gas Price: $2.33) Through an executive order, Biden began halting oil and gas leasing on federal lands and waters.
- Jan 2021 (Avg. Gas Price: $2.33) Biden directed government agencies to eliminate fossil fuel subsidies by 2022.
- May 2021 (Avg. Gas Price: $3.11) The Biden Administration pressured big banks to divest from traditional energy investments.
- June 2021 (Avg. Gas Price: $3.15) Biden revokes permit and cancels Keystone XL pipeline.
- Aug 2021 (Avg. Gas Price: $3.25) Called on Russia and OPEC to increase their oil production to counter rising prices instead of increasing domestic production.
- Aug 2021 (Avg. Gas Price: $3.25) Increased regulations and scrutiny to punish and sanction the fossil fuel industry.
- Dec 2021 (Avg. Gas Price: $3.39) Biden halted federal aid for new fossil fuel projects abroad.
- Feb 22.2022 (Avg. Gas Price: $3.90), Just moments before Russia's invasion, Biden delayed issuing new oil and gas drilling permits on federal land.
- March 8.2022 (Avg. Gas Price: $4.25) Biden banned Russian oil imports. Other European countries have not followed suit, hurting America more than Russia.
The result of green policies: The Biden Administration limited fossil-fuel production but did little to lessen dependence. With a lower supply and consistent demand, high prices aren't a surprise; they're expected. This is an open strategy to promote the switch to renewables.
A welcomed result: It's no secret that climate activists who want to move away from fossil fuels celebrate high gas prices. It means what they're doing is working.
Big picture: As gas prices rose because of global supply constraints in the pandemic era, Biden exacerbated the issue with his green policies.
The administration's response
Blaming domestic oil producers: Yesterday, when asked about the prices, Biden responded, "Can't do much right now. Russia is responsible.” Jen Psaki took a different route and blamed oil producers for not drilling more. Executives from the oil industry claimed that Psaki was purposefully ignorant of the drilling process.
- Sen. Marco Rubio told Fox News he had “never seen such a level of disingenuity.”
Promoting electric vehicles: Transportation Secretary Pete Buttigieg and others presented a simple solution for the current gas crisis: electric vehicles. The average price for an EV is $56,000, and the median household income in the U.S. is $67,000.
Replacing one regime with three others: After ditching Putin's oil, Biden is now pressing countries like Saudi Arabia, Iran, and Venezuela to help curb America's rising gas prices.
Oil executives ‘mystified’: As of a week ago, Joe Biden hasn't been reaching out to the oil executives to curb the gas crisis in the country. Devon Energy Corp. CEO Muncrief was “mystified” that there wasn't any dialog.