While the establishment media was giving 24/7 coverage to the confirmation of Judge Ketanji Brown Jackson as an Associate Justice of the Supreme Court, crude oil prices rose
sharply again Wednesday, with oil again near $122 a barrel. Energy prices will likely remain volatile as the Russian invasion of Ukraine continues, although coverage of the spike in oil and gasoline prices seems to have dropped off the establishment news media.
As gas prices continue to surge, our friend Stephen Moore pointed out that, while Biden keeps insisting that he is doing all he can to reduce gas prices. His rhetoric suggests what he really wants to do is destroy the oil and gas industry.
From a recent edition of the Unleash Prosperity Hotline:
While running for president, Biden promised, “we would work [fossil fuels] out. We would make sure it's eliminated.”
Later in the Democratic primaries: “I’ve argued against any more oil drilling or gas drilling on federal lands ... we should, in fact, be looking at what exists now… I would not allow any more."
In March 2020, Biden promised, “No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill, period.”
Has the gas or Russia crisis changed his strategy?
Just a few weeks ago, Biden said, “we have to get off our dependency on fossil fuels.”
And: “We can’t keep the combustible engine the way it has been.”
And: “We are moving in the direction that we don’t need” fossil fuels for cars.
But other than that Joe Biden supports fossil fuels.
However, despite soaring gasoline prices, a majority of Americans still don’t think electric cars are practical and aren’t interested in owning one.
The latest Rasmussen Reports national telephone and online survey finds that only 32% of American Adults believe electric cars today are practical for most drivers. Fifty-two percent (52%) think electric cars aren’t practical, while 16% say they’re not sure.
So, Biden’s “never let a crisis go to waste” strategy of trying to force Americans into electric cars isn’t working.
But Democrats, desperate to escape the political fallout of Biden’s high energy prices, have come up with another novel answer to high gasoline prices: drill in the highway trust fund.
More than a dozen states are reportedly considering taking similar measures. There are proposals on Capitol Hill to suspend the federal gas tax, which is 18.4 cents per gallon.
CNBC reports Maryland lawmakers have suspended the state gas tax for 30 days, which will save drivers 36.1 cents per gallon on gas, or 36.85 cents per gallon on diesel fuel. The gas tax holiday could cost the state almost $100 million.
The average state gas tax is about 39 cents per gallon, or about double the federal gas tax of 18.4 cents per gallon, reported CNBC.
If gas taxes are suspended either on the state or federal side, it would take time for drivers to rack up a substantial savings. Estimates from the Penn Wharton Budget Model have found that a federal gas tax holiday through the end of the year would result in around only up $50 in savings for the average driver, based on current gas prices.
A one-month gas tax suspension might offer a little temporary relief for America’s hard pressed independent owner-operator truck drivers, but for the average family it wouldn’t even cover a trip to McDonalds.
Before the current spike in oil prices the American Petroleum Institute did a study that estimated just one Biden policy – banning oil and gas leases on federal lands – would cost American consumers $19 billion dollars by 2030. The study hasn’t been updated as far as we can tell, but extrapolating the cost increase since it was released in September 2020 that number would almost double to a staggering $38 billion.
As our friend Daniel Horowitz put it so well in a recent article for Conservative Review, “Much as with COVID, where we saw a government that cried over the human death toll but downright declared war on anyone who would treat the virus early, those who complain about the energy crisis are the ones inducing it. Crushing the American consumer is not a bug of their plan, it is the primary feature, greasing the skids for the next step in the ‘Great Reset’.”
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