In late 1973, an Arab-led oil embargo against several Western countries shot up gas prices, forcing Americans to ration their time behind the wheel.
To conserve gasoline, a newly minted Delaware senator voted in favor of limiting the country’s speed limit to 55 mph.
Nearly 50 years later, Joe Biden is overseeing an oil price crisis through his self-proclaimed “clean energy revolution.” (added in bold)
As consumers face rising gas prices, President Biden has to deal with his punishment policies.
According to the AAA, the national average gas price has recently reached a seven-year high of $ 3.24 per gallon. The increase is noticeable across the country, in both the highest and lowest cost states.
Texas often enjoys some of the lowest average gas prices in America, but drivers have faced an increase of about $ 1 per gallon over the past year.
Meanwhile, in California, where Sacramento imposes the highest gasoline tax in the country, the state average increases by about $ 1.20.
To make matters worse, gas price increases are particularly regressive, that is poorer households spend a larger share of their income on gas than their richer counterparts.
Along with heavy zoning regulations in many parts of the country, which force lower-income workers to live and move from beyond, rising gas prices are a blow to household budgets.
Unlike the 1970s, when rapid political developments in the Middle East caused domestic prices to skyrocket, the current reduction in prices is the slow build-up of Joe Biden’s low-vision policies.
Since taking office in January, the Biden administration has orchestrated a broad campaign to discourage domestic oil production.
Some tactics were explicit, such as the (illegal) ban on public leases of land and water for drilling, reflection on emissions reporting mandates from public companies, and the promise to reduce subsidies to drilling. oil and gas industry.
Other moves were more subtle, such as re-adhering to the Paris Climate Agreement and promising to pursue a net emissions economy by 2050.
Not surprisingly, the campaign has distanced investors from the oil industry. As Biden’s tenure continues, the industry’s investment recovery is slowing and, despite high oil prices, investment remains below three-quarters of its pre-pandemic size.
Meanwhile, due to the gap between global oil supply and demand, late last month Goldman Sachs revised its Brent crude oil forecast later this year from $ 80 to $ 90 a barrel.
Despite rising prices, so far the Biden administration has refused to address the issue at home.
Deputy Press Secretary Karine Jean-Pierre recently said the White House was monitoring the situation, while Department of Energy staff have declined comments on how to take advantage of the Strategic Oil Reserve.
Instead of supporting American workers, companies, and communities, Biden officials seek to outsource the opportunity by asking foreign producers to increase their production levels.
As gas prices rise, instead of tempering the crusade against domestic oil production, the administration and its congressional allies are doubling down.
A number of taxes, charges and levies for the national energy industry have been set to include it in the besieged Democrat Reconciliation Bill. It has also been proposed to potentially ban energy-related drilling.
The measures to soften the blow of these policies are very short. Proponents point out that more than $ 34 billion could be spent on supporting and expanding the use of electric vehicles through the conciliation bill.
At least $ 10 billion of that figure would go to electrifying the federal fleet or USPS, however, there may be benefits for the public, such as access to larger charging stations.
Even if we generously assume that the benefit of this spending will be spread evenly across the country (a big guess), such grandiose ambitions do little to support consumers in the meantime.
Until the fabulous charging stations are built and vehicle manufacturing experiences its promised rebirth, commuting consumers will be eliminated from gas.
The expectation that American consumers could spend tens of thousands of dollars tomorrow on an electric vehicle and then jump on the Biden electric cart is simply wrong.
In addition, it is cruel to deplete family budgets through high gasoline prices until they are intimidated into buying a car approved by Congress.
And what about those low-income families who can’t afford a trip to the city? New green future? Joe Biden’s cold indifference to the “clean energy revolution” makes him resemble the Robespierre of renewable energy.
The president has to deal with the high price of gas and cut American consumers.
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