Biden’s Policies Will Leave a Cold Impression This Winter

September 29, 2021

The Wall Street Journal cites investors as saying that a “shortfall in global energy supplies is spilling into crude markets and could add momentum to this year’s rally in oil prices.” While this may be good news for some investors, it should be concerning to American families who may be facing higher energy prices this fall and winter.

A number of factors, including policymakers turning away from reliable and affordable fossil fuels, are contributing to a global energy shortage. As The Wall Street Journal reports:

A global natural-gas production deficit, depleted inventories and a push from the Chinese government to slash emissions—switching out coal for gas—have all played a role in pushing gas prices higher. That comes as the Northern Hemisphere heads into the winter indoor heating months. The supply crunch has already put several retail energy providers in the U.K. out of business. …

European natural-gas prices have more than quadrupled this year and the rally is unlikely to relent soon, according to Georgi Slavov, head of fundamental research at brokerage Marex Spectron. Weather forecasts point to a chilly November and December in Europe, which would bolster gas demand, Mr. Slavov added.

Keeping the power on is always important, but even more so during the cold months of winter. Unfortunately, the Biden administration continues to double down on its policy approach of taking important energy sources like oil and natural gas off the table. Instead of ensuring that Americans have access to energy, the administration pursues policies like cancelling the Keystone XL pipeline.

These actions have consequences. The Keystone cancellation alone cost the United States roughly 3,000 construction jobs, more than 40,000 indirect jobs, and nearly $2 billion in economic activity. But even more troublesome is what happens during the cold winter months when the sun isn’t shining and the wind isn’t blowing. Those are the times when Americans are most in need of heat, and most in need of reliable sources of energy like natural gas. Thanks to the Biden administration, Americans will have an even colder reality set in this winter.