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Biden energy policies spark economic crisis and rising costs

September 19, 2024 | Budget: House Committee, Standing Committees - House & Senate, Congressional Hearings Compilation, Legislative, Federal


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Biden energy policies spark economic crisis and rising costs
In a recent government meeting, officials expressed strong concerns regarding the Biden-Harris administration's energy policies, arguing that they have significantly harmed the U.S. economy and working families. Critics highlighted a series of regulatory actions and tax increases on conventional fuels, claiming these measures have led to a cost of living crisis and increased reliance on foreign energy sources.

The meeting underscored that the energy sector, which employs approximately 10 million people and contributes nearly 10% to the national economy, has been adversely affected by what some described as an \"extreme climate agenda.\" Participants pointed to the cancellation of the Keystone XL Pipeline on President Biden's first day in office as a pivotal moment that has resulted in substantial economic losses, including an estimated $50 billion in transportation costs and safety improvements.

Further criticisms were directed at the administration's moratorium on drilling on public lands, which is projected to cost the economy $33 billion in lost GDP and around 60,000 jobs. The meeting also addressed the impact of stringent emission regulations from the Environmental Protection Agency (EPA), which, despite a reported 66% reduction in methane emissions by the industry, are seen as excessive and costly for consumers.

Participants noted that the rising costs of energy—gas prices reaching over $5 per gallon and electricity costs increasing by 25-30%—are direct consequences of these policies. They estimated that the average American family is now spending an additional $1,700 annually due to these changes.

The discussion also touched on the significant financial support for green energy initiatives, with claims that $800 billion in tax subsidies could disproportionately benefit foreign entities, particularly in China, due to their dominance in rare earth mineral mining. Concerns were raised about the equity of electric vehicle tax credits, which are perceived to favor higher-income individuals rather than supporting middle-class families and minority communities.

Overall, the meeting highlighted a growing consensus among officials that the current energy policies are detrimental to the fiscal health of the nation and are exacerbating economic challenges for American families.

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