Biden's anti-oil policy costs 100 billion a year

President Joe Biden came into office with a promise to end the use of oil and gas as energy sources within two decades. Biden embraces this vision in the fight against greenhouse gas emissions.

To bring the U.S. economy closer to that scenario, the president has adopted a set of measures that turn the previous administration's energy policy on its head and limits hydrocarbon production.

Against gas and oil

Among the measures adopted in these two years of the Biden Administration are the limitation of drilling on public lands, and the introduction of new environmental regulations that raise the cost of oil and gas exploitation. It has also cancelled planned oil and gas pipelines and raised taxes on companies throughout the sector.

All of these policies have succeeded in moving the country closer to Biden's energy policy goals. However, according to a report signed by Stephen Moore and Casey B. Mulligan for the Committee to Unleash Prosperity, they estimate that had Donald Trump's policies continued, the United States "would be producing two to three million more barrels per day and between 20 and 25 billion cubic feet of natural gas."

This lower energy production comes at a cost: $100 billion in lost national income due to Joe Biden's counter-energy policy. The price of a gallon of gas is just one of the manifestations causing a decrease in the wealth of Americans' which is directly related to these policies.

On another note, the authors also point out that the federal government should not have had to sell part of the strategic oil reserves. His energy policies have cost more than 600 million barrels, while as of last July, Biden has sold 150 million barrels of the strategic reserves.