Home » Report Blasts Biden’s Energy Policies for Economic Harm and Rising Costs

Report Blasts Biden’s Energy Policies for Economic Harm and Rising Costs

by Richard A Reagan

President Joe Biden’s energy policies are facing intense scrutiny.

A newly released report from the U.S. House Oversight Committee reveals soaring costs and negative economic impacts on American households and businesses.

Chair Rep. James Comer (R-KY), led the charge, accusing the administration of wielding executive power to suppress domestic energy production and enforce “radical, far-left energy policies.”

According to Comer, these policies threaten U.S. energy development, strain the nation’s power grid, and inflate costs across the board for consumers and enterprises alike.

“From day one, the House Oversight Committee has worked to expose the Biden Administration’s radical climate agenda. The Committee will continue to fulfill its responsibility to hold this Administration accountable for its detrimental Green New Deal policies that are impacting Americans across the country,” said Comer.

The report, titled “The Biden Administration’s Green New Deal: Paying More for a Dimmer Future,” outlines significant issues plaguing vital segments of the U.S. economy.

Notably, the administration’s temporary halt on liquefied natural gas (LNG) exports, the sharp increase in gasoline prices, and the aggressive shift towards electric energy utilization have sparked significant backlash.

Further details provided by the American Action Forum in April 2024 elaborate on the regulatory burden, with the Biden administration’s Environmental Protection Agency introducing 38 new rules and finalizing 63 others, amounting to over 33,138 pages.

These regulations are projected to cost the U.S. economy upwards of a trillion dollars, illustrating a profound fiscal impact.

As the U.S. Energy Information Administration forecasts a continual rise in electricity demand through 2050, the Biden administration pushes for a transformation in power generation that favors less reliable and costlier energy sources.

This shift is expected to result in higher utility bills, increased costs for electricity-dependent goods and services, and indirect energy subsidy expenses borne by taxpayers.

In defense of these policies, the White House has cited urgent climate change concerns, particularly emphasizing the need for a careful review of new LNG export sites.

Despite this, the pause in approving new sites has sparked widespread controversy and led to a multi-state lawsuit questioning its constitutionality.

The Department of Energy insists that the pause will not affect existing LNG sales and aims to ensure that new exports align with national interests through a transparent review process.

Adding to the controversy, federal climate-related expenditures have come under scrutiny. 

Senator Shelley Moore Capito (R-WV), recently highlighted an issue where federal funds were allocated to a climate advocacy group that posted content supporting the Oct. 7 Hamas attack on Israel, raising serious ethical and oversight questions.

During a recent congressional hearing, Energy Secretary Jennifer Granholm faced tough questions regarding the impact of these policies on American wallets.

Energy costs, which have surged by over 35% since Biden assumed office, remain a hot-button issue.

Granholm defended her department’s actions, particularly the strategic release of oil from the U.S. Strategic Petroleum Reserve in 2022, which aimed to stabilize oil prices following market disruptions due to Russia’s invasion of Ukraine.

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