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Biden’s energy policies: A win for cronyism, a loss for Americans

Mar 26, 2024 by AFP

Under the guise of “Bidenomics,” the current administration has pursued a series of misguided energy policies that not only jeopardize our energy security but also hinder economic growth and job creation.   

President Biden’s energy policies are a raw deal for Americans. His administration gives billions of taxpayers’ dollars to green energy companies while Americans pay more for gas and electricity.  

Instead of unleashing America’s energy potential with renewables and fossil fuels, the president is picking winners and losers. If you’re not part of the renewable energy club receiving government handouts, you’re losing out. 

The president gives billions to his friends in the green energy industry. Meanwhile, he hits traditional energy companies with overregulation.  

The result: Americans are paying more at the pump and home.  

Biden is not changing course; he’s doubling down. Last month, the White House banned the construction of new liquified natural gas export facilities. He did this to please his base, but it will hurt America’s economy and geopolitics. 

Bidenomics energy policies are helping crony energy corporations. They do so at the expense of everyday Americans. 

Biden has gifted billions of taxpayer dollars to the green energy industry  

President Biden is sweet-talking renewable energy companies and filling their pockets with the money of millions from American taxpayers.  

The debate about renewable energy and its potential might be new. But Biden’s giveaways to these energy companies are plain old cronyism. 

Here’s how much taxpayer money president Biden has funneled to green energy companies: 

  • $27 billion to a “Greenhouse Gas Reduction” fund—managed by the EPA— subsidizing green energy and tech companies.  
  • $20 billion to automobile companies to buy EV-friendly tools and facilities. 
  • $20 billion for the agriculture industry to employ “climate-smart agriculture practices.”  
  • $250 billion in direct subsidies for the Biden administration’s friends in the ESG movement.  
  • $18.6 billion for electric/alternative fuel vehicle charging infrastructure.  
  • $6 billion in subsidies for the domestic battery supply chain.  

If you do the math, that’s $341.6 billion (approximately $1,028 per American) of taxpayer money Biden spends in his green energy cronyism scheme 

Biden’s regulatory onslaught against energy companies  

President Biden uses the federal government as a blunt instrument to harm the coal, gas, and oil industries. His administration is using the power entrusted by the people to decide which businesses thrive and which ones don’t.  

Biden has used almost all the tricks he has at hand to damage the nonrenewable industry: 

  • His administration has canceled thousands of acres of oil leases, making it harder for oil companies to invest and hindering our ability to remain energy independent.  
  • It canceled projects like the Keystone Pipeline, which would have created thousands of jobs and reduced gas costs. 
  • Banned new exports of liquified natural gas to partners worldwide which hurts our economy, our energy security, and our allies. 

The false binary choice between renewable and non-renewables is foolish, and Americans are paying handsomely for Bidenomics. 

Americans are paying more for the same energy

 Biden’s policies make Americans pay a steep cost every time they go to the gas station or pay their utility bills.  

Energy prices have increased 32% since the president started attacking American energy.  

When Biden took the oath of office, Americans paid an average of $2.38 for a gallon of regular unlead gas; a year and a half later, gas went to a high of $5 per gallon. Today, the average gas price is $3.489 per gallon, approximately 46% more than in January 2021.  

Utilities have also gone up.  

Americans pay 29% more for electricity and gas today than in 2021. Winter heating costs from all energy sources have gone up by 16%- 64% over the last three years. 

Americans are paying more to fill up their cars and use electricity. Green energy companies, on the other hand, are gladly receiving billions of dollars in government subsidies.  

We are three years into Bidenomics, and the results are for everyone to see: gas, electricity, and heating are more expensive. Thanks to Bidenomics, your life is more expensive.