Last week, Michigan Democrat Sen. Debbie Stabenow bragged that on her way to Washington, D.C. she drove past “every single gas station” in her brand-new electric vehicle “and it didn’t matter how high [gas] was.” Apparently, Stabenow’s message to Americans struggling to afford their commute to work and school is to buy an expensive electric vehicle. For Americans – and especially Michiganders like me – Stabenow’s comment is as unhelpful as it is condescending. But Stabenow isn’t the only Democrat embracing a “let them eat cake” attitude. Climate activists are hurting Americans with their green agenda.
The Biden administration has made EVs a pillar of its anti-U.S. energy agenda. Last year, Joe Biden set a goal that by 2030, half of the vehicles sold in the country would be EVs. More recently, Biden pledged to use taxpayer dollars to build EV charging stations across America. And just a few weeks ago, Transportation Secretary Pete Buttigieg suggested that families anxious about rising gas prices should just buy an EV, which have an average price tag of more than $60,000. Meanwhile, in more than a dozen states and the District of Columbia, drivers are paying more than $5 for a gallon of gas. Painfully high fuel prices aren’t an accident. They’re the momentum driving Biden’s energy “transition.”
The Biden administration has rebooted the Energy Department’s green loan program that lent hundreds of millions of taxpayer dollars in the Obama-era to the now-defunct green energy company, Solyndra, according to an announcement.
The Advanced Clean Energy Storage project in Utah will receive the loan, leaving $2.5 billion for other clean energy projects, the Department of Energy (DOE) stated Wednesday.
The day after President Biden announced that the United States would ban imports of Russian oil and gas, a group of eleven powerful European investment funds that includes Amundi, Europe’s largest asset manager, outlined plans to force Credit Suisse, Switzerland’s second largest bank, to cut its lending to oil and gas companies. The juxtaposition of these two events dramatizes the fundamental disunity of the West. At the same time as the Biden administration is sanctioning Russian oil and gas producers, Western investors are sanctioning Western ones. Under the banner of ESG (environmental, social and governance) investing, the West’s capital is being deployed to create an artificial shortage of oil and gas produced by its companies and reward non-Western oil and gas producers such as Russia and Iran with higher prices. In doing so, the West is undermining its own security interests.
Before Russia’s invasion of Ukraine, energy markets were already extremely tight. In the past, high oil and gas prices stimulated a supply-side response leading to increased output and to prices falling back. This relationship has broken down. According to analysts at JP Morgan, capital spending by S&P Global 1200 energy companies peaked in 2015 at just over $400 billion and shrank to around $120 billion last year – less than half its previous trough of $250 billion in the aftermath of the 2008 financial crisis, even though global demand is now around 15% higher than it was then.
Secretary of Energy Jennifer Granholm said President Joe Biden is “all over” rising gasoline prices but failed to name a single administration policy aimed at lowering energy costs.
“The president is all over this,” Granholm said during a CNN interview Monday. “He really is very concerned about, you know, inflation, obviously, and the price of gasoline because that’s the most obvious manifestation of it. As you know, no president controls the price of gas, oil is sold on a global market.”
As the supply chain crisis continues to worsen, Americans can expect to pay higher energy costs in order to maintain heating in the coming winter, says Secretary of Energy Jennifer Granholm.
In an interview with CNN’s Dana Bash on Sunday, Granholm said “this is going to happen…it will be more expensive this year than last year.”
While Granholm claimed that “we are in a slightly beneficial position…relative to Europe,” she nonetheless admitted that the United States has “the same problem in fuels that the supply chains have, which is that the oil and gas companies are not flipping the switch as quickly as the demand requires.”