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Price Tag for Biden’s War on Energy: $100 to $300 Billion in Lost Oil Output – So Far

Oil prices hit near $90 a barrel last week and gas prices are headed back up to $4 to 4.50 a gallon. That’s a disaster. Why is it happening?

Our latest CTUP study estimates how Biden’s war on fossil fuels has drained the U.S. economy of energy resources. The study, which was highlighted in the New York Post this weekend, estimates that the U.S. would have produced between 1.2 and 4 billion more barrels of oil since Biden came into office if we had simply stuck with Trump’s pro-drilling policies. The chart below shows the high and low estimates for what would have happened with oil production if Biden hadn’t tried to decapitate the domestic oil industry.

In other words, we could have completely neutralized the OPEC and Russian ploy of cutting world oil production by 1.3 million barrels a day in order to drive up prices. All we had to do was stick with a pro-drilling strategy. Instead, Biden wants “net zero” fossil fuels, which is an energy scheme that would impoverish America, while pouring billions of dollars more into the coffers of the Saudis and the Russians.

If you think we are exaggerating the threat here, last week (even with gas prices soaring) Biden announced another million acres of prime oil and gas lands off-limit for drilling in Alaska.

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