Sacks of lies
2024-02-02 06:49:24 UTC
Biden is a lying piece of shit.
President Biden has done more to promote green energy than any otherpresident in US history. Its ironic that he remains remarkably bound to
fossil fuels, in ways he probably hopes nobody notices.
Bidens entire energy agenda during the last three years has paired the
overt promotion of renewables with a covert effort to keep fossil fuels
plentiful and cheap. The latest example is the Biden administrations Jan.
26 decision to temporarily suspend the approval of new facilities for
exporting natural gas. Current facilities will continue to operate,
without any limit on exports.
The pause will let the Energy Department study the impact of surging US
natural gas exports on the climate, domestic energy prices, national
security concerns, and other factors. The review will take several months,
followed by the usual comment period. You wont go broke betting the farm
that an outcome will come in 2025, well after the November elections.
In one regard, a review makes sense. The fracking revolution that kicked
off around 2010 generated a massive boom in US fossil fuel production,
which has made the United States the worlds biggest oil and gas producer.
US law limited energy exports until President Barack Obama signed
legislation and changed other rules broadly allowing oil and gas exports.
Starting in 2015, gas exports soared. The Biden administration now says
the rules for approving export facilities are outdated and need to account
for the nearly fivefold rise in gas exports since 2014.
But theres also a likely political angle when a president makes a
controversial policy change in an election year. Environmental groups
lobbied hard for the pause on new gas-export facilities, and they declared
victory when the White House made the decision. So maybe Biden is
reinvigorating his pitch to environmentally minded voters, who skew young
and want to see more forceful action to banish the source of greenhouse
gases causing global warming.
There could also be another target: keeping American energy prices low.
Drillers often say that robust exports create an incentive to produce more
gas, which in turn keeps domestic supplies abundant and prices low. But
that may be wishful thinking. A 2023 analysis by the US Energy Information
Administration found that higher [gas] exports results in upward pressure
on US natural gas prices and lower [gas] exports results in downward
pressure. Its also true that gas prices in other markets, such as Europe
and Asia, are considerably higher than in the United States, which creates
an obvious incentive for American producers to sell outside the country
where they can make more money.
So Biden might be making sure theres no uptick in US energy prices while
hes running for reelection. Natural gas prices get far less attention
than gasoline prices, but theyre arguably more important because natural
gas powers 40% of the nations electricity generation and 60% of home
heating. It seems likely, Kurt Cobb wrote recently on OilPrice.com,
that someone whispered into the administration's ear something about the
possibility of much higher domestic prices in the coming years if the US
LNG [liquified natural gas] export juggernaut is allowed to continue.
US natural gas prices did spike in 2022, as Russias invasion of Ukraine
led to a sharp reduction of Russian gas exports to Europe and a scramble
by other gas exporters to fill the gap. US natural gas prices are now back
to the relatively low levels typical from 2015 to 2021.
Electricity costs have jumped, however, and stayed there. Since Biden took
office, electricity costs have risen 27%. Thats a stealthy source of
inflation, which has been Bidens biggest economic problem. Higher
electricity prices boost consumers utility bills, while also making it
more expensive for businesses to produce goods and keep the lights on
(literally). Businesses normally try to pass cost increases on to
consumers.
When inflation spiked in 2022 and gasoline prices hit $5 per gallon,
Biden's approval rating dropped sharply. Overall inflation is almost back
to normal levels, but Biden clearly recognizes the risk that high energy
prices pose to his political future. Since 2022, Biden has taken a variety
of measures to lower energy prices: selling oil from the US reserve,
asking Saudi Arabia to produce more oil, and even encouraging more energy
production by ne'er-do-well nations Iran and Venezuela. Biden's
credibility with environmentalists comes from the massive green energy
plan he signed into law in 2022, but Biden's overall popularity relies far
more on the cost of fossil fuels we're still dependent on.
There's good reason for Biden to retain the pro-export policy that began
under Obama, continued under President Trump, and remained in place for
Bidens first three years in office. In a Jan. 26 analysis, the Eurasia
Group argued that ongoing high levels of American gas exports are an
important lifeline to Europe and a key lever of US power in other parts of
the world, including Asia. Russia would clearly love more influence in
those parts of the world, and the availability of American energy as an
alternative to Russia's exports is a barrier to Russia's malign ambitions.
So maybe the Biden review will sound the all-clear, with a few permit
denials to appease the climate lobby, if Biden wins reelection. But if
evidence mounts that energy exports are raising costs for Americans, Biden
wont be the last president to have a problem with that.
https://finance.yahoo.com/news/another-sneaky-biden-energy-move-
182802772.html