Biden said during the campaign he was going to shut down the fossil fuel industry and he is doing that. Here’s to all those who voted for him ... suck it up.
The Wall Street Journal has an interesting and accurate take on Why Energy Companies Won’t Produce
President Biden has urged oil and natural-gas companies to ramp up production, and you’d think, given the current high prices, that it would be in their interest to do so. But the industry has been slow to respond, with some justification. Companies expect that as soon as the current turmoil subsides, the Biden administration will shift back to hostile rhetoric, anti-energy legislative proposals, and oppositional regulatory policies.
Last September, 20 House Democrats introduced the Fossil Free Finance Act, which would require the Federal Reserve Bank to take steps to stop banks from investing in fossil-fuel production. The bill’s goal was “no financing of new or expanded fossil fuel projects after 2022,” the Naderite group Public Citizen noted approvingly.
Then there’s the harping about excessive profits, which led Sen. Elizabeth Warren to propose a new tax. “The oil companies need to understand that the benefits of price gouging will be sharply undercut by a tax that’s not across the board, but instead is a tax on how their profits increase during this short-term crisis,” she declaimed.
There was a time when most people understood that if you want less of something, tax it, and if you want more, subsidize it. Even though Democrats’ more radical legislation is unlikely to pass, the message to participants in the highly regulated financial markets is clear: We want to see less, not more, capital flowing to domestic oil and gas production.
Biden voters should have to pay $10/gal for gas and the rest of us $2/Gal.
He, also, told everyone, in the world, to surge the border.