President Biden is Mad that His Energy Policies Have Caused Prices to Rise

President Biden is Mad that His Energy Policies Have Caused Prices to Rise

October 31, 2022

President Joe Biden and his allies on the left are expressing their fury that energy costs are soaring. They are very quick to blame the fossil fuel industry when it’s their own policies that are forcing these exorbitant costs on the American people.  

The Wall Street Journal editorial board writes, “Consider President Biden’s outrage Friday over last week’s robust earnings reports for oil and gas companies. Six of the largest ‘made $70 billion in profit in one quarter,’ he said at a fundraiser … The President who has done everything in his power to limit U.S. oil investment is now furious that he succeeded.” 

Biden’s own Energy Department highlights that increasing production and drilling new wells is likely to fail under the current regulatory environment. They concluded in a recent analysis: “Any new projects would face major commercial risks” that could result in energy companies being unable “to recover their upfront cost.” Biden hasn’t issued federal leases, slowed down permits, and cancelled pipeline projects. We’re seeing the results. Biden’s war on American energy production and energy workers has done exactly what he wanted it to.  

The Journal editorial board concludes, “Mr. Biden and fellow Democrats simply refuse to understand the economic consequences of their assault on American fossil fuels. They have come to believe that climate is a crisis and that banishing oil and gas is urgent. But that means higher prices, which they now blame on the very companies they want to go out of business. Economic logic won’t persuade them, but maybe a rout at the ballot box will.” 

President Biden is trying to play the blame game. When it comes to soaring energy costs, the buck stops with him.