Energy
8 ways the Biden / Harris government made gasoline prices higher
From Energy Talking Points
By Alex Epstein |
Any politician who supports the “net zero” agenda is working to make gasoline prices much higher
This is Part 1 of a 4 part feature where I cover 4 of the top energy issues being discussed this summer
- Every politician will claim this summer that they’re working to make gasoline prices lower, because they know that’s what voters want to hear.
But the many politicians that support “net zero by 2050” are working to make gasoline prices higher.
- For the US to become anywhere near “net zero by 2050,” gasoline use needs to be virtually eliminated.¹
- Since Americans left to their own free will choose to use a lot of gasoline, the only way for “net zero” politicians to eliminate gasoline is to make it unaffordable or illegal.
Low gasoline prices are totally incompatible with “net zero.”
- The Biden-Harris administration knows that all fossil fuels, including gasoline, need to be far more expensive for them to pursue “net zero.” That’s why the EPA set a rising “social cost of carbon” starting at $190/ton—the equivalent of adding $1.50 a gallon to gasoline prices!²
- From Day 1, President Biden has openly supported the destruction of the fossil fuel industry, from his 2019 campaign promise of “I guarantee you, we’re going to end fossil fuel” to his 2021 executive order declaring that America will be “net zero emissions economy-wide” by 2050.³
- Kamala Harris has, unfortunately, been even more supportive of the “net zero” agenda and therefore higher gasoline prices. In 2020 she supported a fracking ban, which would have destroyed 60% of US oil production. And she cosponsored the fossil fuel-destroying Green New Deal.⁴
- Of course, Joe Biden and Kamala Harris, like all politicians, claim to be for lower gasoline prices. But because their real priority is the “net zero” agenda, in practice they are doing everything they can to raise prices.
-
Here are 8 specific actions they’ve taken.
- Biden Gas Gouging Policy #1
Biden has worked to increase gasoline prices by taking a “whole-of-government” approach to reducing greenhouse gas emissions
. This entails reducing oil investment, production, refining, and transport, all of which serves to increase gas prices.⁵
 |
- Biden Gas Gouging Policy #2
Biden has worked to increase gasoline prices by expanding the anti-fossil-fuel ESG divestment movement
. ESG contributed to a 50% decline in oil and gas exploration investments from 2011-2021, resulting in artificially higher prices. Biden is making it worse.The ESG movement is anti-energy, anti-development, and anti-America
·January 6, 2022
ESG poses as a moral and financially savvy movement. In reality it is an immoral and financially ruinous movement that is destroying the free world’s ability to produce low-cost, reliable energy. This prevents poor countries from developing and threatens America’s security. Read full story - Biden Gas Gouging Policy #3
Biden has worked to increase gasoline prices via “climate disclosure rules,”
an oil and gas investment-slashing measure that coerces companies into spouting anti-fossil-fuel propaganda and committing to anti-fossil-fuel plans—plans that will raise gas prices.The “climate disclosure” fraud
·Mar 16
Congress won’t support Biden’s anti-fossil-fuel agenda. Read full story
- Biden Gas Gouging Policy #4
Biden has worked to increase gasoline prices by issuing a moratorium on oil and gas leases on federal lands, stunting oil and gas production and investment
. When it’s harder to produce and invest in oil, gasoline gets more expensive.⁶
 |
- Biden Gas Gouging Policy #5
Biden has worked to increase gasoline prices by hiking the royalty rate for new oil leases by 50%
. This is money the government gets from the industry on top of taxes. And it discourages oil investments, meaning less production meaning higher gas prices.⁷
- Biden Gas Gouging Policy #6
Biden has worked to increase gasoline prices by restricting oil and gas leasing on nearly 50% of Alaska’s vast petroleum reserve
. This is a crippling blow to Alaska’s oil and gas industry. Less Alaskan oil means higher gas prices.⁸
- Biden Gas Gouging Policy #7
Biden has worked to increase gasoline prices by threatening to stop oil and gas mergers
. Mergers, which increase efficiency, benefit domestic production and lower prices. Blocking mergers raises oil prices long-term, which means higher gas prices.Why government should leave oil and gas mergers alone
·Jun 3
Myth: Oil and gas mergers are bad for America because they make oil more expensive. Read full story - Biden Gas Gouging Policy #8
Biden has worked to increase gasoline prices by cancelling the Keystone XL pipeline
. This prevented Canada from using its vast oil deposits to their full potential—meaning lower global supply and higher prices for oil and gasoline.⁹
- Joe Biden should level with the American people and make clear that his agenda is to increase gasoline prices—much like Obama’s infamous admission that “electricity rates would necessarily skyrocket” under his energy plan.
Or he should apologize and embrace energy freedom.¹⁰
“Energy Talking Points by Alex Epstein” is my free Substack newsletter designed to give as many people as possible access to concise, powerful, well-referenced talking points on the latest energy, environmental, and climate issues from a pro-human, pro-energy perspective.
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From the Fraser Institute
By Julio Mejía and Elmira Aliakbari
The resulting reduction in global GHG emissions would amount to a mere four-tenths of one per cent (i.e. 0.004 per cent) with virtually no impact on the climate or any detectable environmental, health or safety benefits.
Last year, when the Trudeau government said it would cap greenhouse gas emissions (GHG) from the oil and gas sector at 35 to 38 per cent below 2019 levels by 2030, it claimed the cap will not affect oil and gas production.
But a report by Deloitte, a leading audit and consulting firm, found that the cap (which would go into effect in 2026) will in fact curtail production, destroy jobs and cost the Canadian economy billions of dollars. Under Trudeau’s cap, Canada must curtail oil production by 626,000 barrels per day by 2030 or by approximately 10.0 per cent of the expected production—and curtail gas production by approximately 12.0 per cent.
According to the report’s estimates, Alberta will be hit hardest, with 3.6 per cent less investment, almost 70,000 fewer jobs, and a 4.5 per cent decrease in the province’s economic output (i.e. GDP) by 2040. Ontario will lose more than 15,000 jobs and $2.3 billion from its economy by 2040. And Quebec will lose more than 3,000 jobs and $0.4 billion from its economy during the same period.
Overall, the whole country will experience an economic loss equivalent to 1.0 per cent of GDP, translating into lower wages, the loss of nearly 113,000 jobs and a 1.3 per cent reduction in government tax revenues. Canada’s real GDP growth in 2023 was a paltry 1.1 per cent, so a 1 per cent reduction would be a significant economic loss.
Deloitte’s findings echo previous studies on the effects of Ottawa’s cap. According to a recent economic analysis by the Conference Board of Canada, the cap could reduce Canada’s GDP by up to $1 trillion between 2030 and 2040, eliminate up to 151,000 jobs by 2030, reduce federal government revenue by up to $151 billion between 2030 and 2040, and reduce Alberta government revenue by up to $127 billion over the same period.
Similarly, another recent study published by the Fraser Institute found that an emissions cap on the oil and gas sector would inevitably reduce production and exports, leading to at least $45 billion in lost economic activity in 2030 alone, accompanied by a substantial drop in government revenue.
Crucially, the huge economic cost to Canadians will come without any discernable environmental benefits. Even if Canada were to entirely shut down its oil and gas sector by 2030, thus eliminating all GHG emissions from the sector, the resulting reduction in global GHG emissions would amount to a mere four-tenths of one per cent (i.e. 0.004 per cent) with virtually no impact on the climate or any detectable environmental, health or safety benefits.
Given the sustained demand for fossil fuels, constraining oil and gas production and exports in Canada would merely shift production to other regions, potentially to countries with lower environmental and human rights standards such as Iran, Russia and Venezuela.
The Trudeau government’s proposed GHG cap will severely damage Canada’s economy for virtually no environmental benefit. The government should scrap the cap and prioritize the economic wellbeing of Canadians over policies that only bring pain with no gain.
Authors:
Author: Franco Terrazzano
The Canadian Taxpayers Federation is calling on the federal government to scrap its second carbon tax following the release of government documents showing it will cost the Canadian economy $9 billion by 2030.
“This is another government report that shows carbon taxes are a big drag on the economy that Canadians can’t afford,” said Franco Terrazzano, CTF Federal Director. “The second carbon tax alone will cost average families hundreds and even thousands of dollars.”
The second carbon tax is embedded within federal fuel regulations, which took effect July 1, 2023.
The regulations require producers to reduce the carbon content of their fuels. If they can’t meet the requirements, they must purchase credits, increasing costs that are passed onto Canadians purchasing gasoline or diesel.
According to government documents, in 2030, the second carbon tax “will result in an overall GDP decrease of up to $9 billion.”
The documents were tabled by Environment and Climate Change Canada in the House of Commons in response to an order paper question filed by Conservative MP John Barlow (Foothills).
Previous analysis from Environment and Climate Change Canada shows the first carbon tax (including industrial) will cost the Canadian economy $30 billion by 2030.
The Parliamentary Budget Officer estimated the second carbon tax will cost the average household between $384 and $1,157 in 2030 depending on the province.
“Canada’s own emissions are not large enough to materially impact climate change,” according to the PBO report.
The PBO also estimated the second carbon tax will increase the price of gasoline by up to 17 cents per litre and the price of diesel up to 16 cents per litre by 2030.
“Prime Minister Justin Trudeau can make life more affordable and help our economy by scrapping his carbon taxes,” Terrazzano said.
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