Team Biden is now aiming to block new drilling in the Atlantic, Pacific and possibly much of the Gulf of Mexico. No doubt he’ll blame Vladimir Putin, gas companies and Republicans when gas spikes yet again as a result.
What a nightmare. Last week, the Interior Department announced (on the Friday before July 4, as folks prepped for the holiday weekend) that it wants to include a ban on that new drilling in its five-year plan, though it might allow an expansion in the Gulf of Mexico and Alaska’s south coast.
The plan is still being worked out, but one version allows just 11 oil-lease sales over the course of five years, while another would abandon new lease sales entirely. That’s not encouraging.
Sure, even if new drilling projects got an OK now, they wouldn’t get oil to market and drive down prices any time soon. But why should companies risk investing more even in current operations, knowing that Biden and his fellow Democrats are aiming to shut them down at some point?
Remember, Biden vowed to “end fossil fuels,” and since taking office, he’s worked to keep that vow: He halted federal lease sales, canceled the Keystone XL Pipeline, threatened banks to stop aiding fossil-fuel companies and imposed countless restrictions on production. Does anyone think this was meant to increase supplies and bring down prices?
Alas, neither soaring inflation nor Putin’s war nor the desperate pleas of besieged Americans nor even the dismal electoral prospects for the Democratic Party will get him to change course. He’ll keep his word to the climate-change warriors no matter what. And to hell with everyone else.