Gas prices have always influenced Americans to go to the polls, but today more than ever, as the average national gas price surpassed $5 for the first time in history.
In an effort to appear concerned for the lower- and middle-class families he said he fought for on the campaign trail, President Joe Biden is busy with non-solutions like a temporary gasoline tax break — something even former President Obama referred to as a “gimmick.” A slew of regulations imposed by his administrative state, on the other hand, suggests that his real concerns lie elsewhere. The abuse of the Defense Production Act for low-cost and unreliable green energy by President Biden’s administration — as well as his continued climate politicization of financial rules — suggests that the president’s left-wing sentiments take precedence over our wellbeing.
If only President Biden understood how easy it would be to end $5 gasoline and return the country’s economy to prosperity.
Biden’s exploitation of the Defense Production Act to aid the renewable energy sector may be his most out-of-touch action yet. With two-thirds of the country living from paycheck to paycheque, not to mention significant issues like the baby formula scarcity still ongoing, Biden is providing preferential treatment to energy sources that have never previously been demonstrated to be worth the taxpayers’ money. Despite its supporters’ dramatic claims, decades of subsidies in the billions have failed to make renewable energy more dependable or affordable. The Defense Production Act will not help; it will only exacerbate energy prices.
The Trump administration’s pro-energy policies delivered genuine savings to families — and maintained our long history of environmental leadership around the world — but President Biden’s war on fossil fuels has already reversed it. On top of sky-high inflation pushing up costs for other important items, the typical family is now spending nearly $3,000 more each year on gasoline than under the previous administration, in addition to a rapidly rising cost of living.
It’s not just that President Biden believes in wind and solar over fossil fuels, either. His army of regulators is working diligently to bring down the American energy sector by imposing harsh financial rules. The SEC is developing a new proposal that will impose significant compliance costs on energy producers and force them to devote time and money to “greenwashing” rather than harvesting and delivering the energy we require.