Biden’s energy crackdown ended up fueling big oil’s record profits

“We think the White House’s oil policy has been paradoxical and disruptive, and has distorted markets in order to lower oil prices for short term political gain, without accepting that lowering emissions requires higher oil and gas price,” energy analyst Paul Sankey, founder of Sankey Research, told the Daily Caller News Foundation. The Biden administration’s Inflation Reduction Act added higher royalty rates, more regulations and various fees on fossil fuels. The drop in employees resulting from COVID-19 policies took an additional toll on these companies, increasing prices, according to The Heritage Foundation.
“Every time the price goes up, the very politicians who have inaccurately and openly made it harder to produce in the United States, then turn around and try to blame it on the producers that they themselves are creating,” Pyle told the DCNF.

While the pandemic’s uncertainty might have caused the onset of rising oil prices, Biden’s crackdown on oil and other fossil fuels certainly amplified the problem, according to the Joint Economic Committee Republicans.