President Biden Continues to Hurt the Energy Sector

January 22, 2021

With only two days in office, President Biden has made it clear he is not a friend to the American energy sector. He has already caused considerable damage to the sector in a mere two days. His latest actions include temporarily suspending oil and gas permitting on federal lands and water. Federal leases account for 25% of the nation’s crude oil supply making them essential to our energy resources.

Even a temporary ban can lead to permanent damage, Reuters reports:

Limits on federal drilling will have the biggest impact on major Western producing states like New Mexico and Wyoming, which depend on revenue from their share of extraction royalties.

In a statement, the New Mexico Oil & Gas Association said that restricting development “risks the loss of more than 60,000 jobs and $800 million in support for our public schools, first responders, and healthcare services.”

Not only does this ban hurt the American worker and our economy, but it will hinder our domestic energy industry and take away our hard-earned energy independence. American Petroleum Institute President Mike Sommers said, “With this move, the administration is leading us toward more reliance on foreign energy.”

Biden is proving that the energy sector and its workers were correct to worry about his administration. In the last two days alone, Biden’s executive orders have caused thousands of job losses and these cuts to the energy sector will cause budget deficits in cities and states who rely on the industry’s revenue and jobs to stimulate their local economies.

President Trump worked hard to enhance our domestic energy sector and maintain America’s energy independence, but with these executive orders, President Biden is making it so we will again have to rely on foreign energy. Biden needs to keep in mind the interests of all American’s rather than trying to please his eco-left supporters.