You know that one of Joe Biden’s first acts in the White House was to limit drilling for oil and gas on federal lands. And as recently as two weeks ago Biden’s press secretary Jen Psaki was insisting that oil and gas companies had plenty of permits.
.@PressSec breaks down what @POTUS‘s Russian oil ban means for Americans, our strong domestic oil production under President Biden, and the steps we’re taking to mitigate the pain American families feel at the pump. pic.twitter.com/XOF2nf6v16
— The White House (@WhiteHouse) March 9, 2022
She even mocked the idea that “red tape” was holding back drillers.
Asked if Pres. Biden “would cut red tape” for companies to drill more oil in U.S., White House press sec. Jen Psaki says, “What red tape needs to be cut when they have the permits?”
— ABC News (@ABC) March 9, 2022
Now, it has been reported by Bloomberg that the Biden administration will resume oil leasing on federal land. Ari Natter reports:
The Biden administration said Friday it would resume plans for oil and gas drilling on federal lands after a federal appeals court granted a White House request to allow the administration to use a revamped metric for calculating the potential cost to society of greenhouse gas emissions.
“With this ruling, the Department continues its planning for responsible oil and gas development on America’s public lands and waters,” Interior Department spokeswoman Melissa Schwartz said in an email. “Calculating the social cost of greenhouse gas emissions provides important information that has been part of the foundation of the work the Interior Department has undertaken over the past year.”
What changed? Apparently, the Biden administration changed its own rules on offering leases because of the “social cost of carbon.” In other words, people were getting so angry, Biden’s people found a way to get drilling for more oil. But don’t get too optimistic about oil prices coming down, the new set of rules Biden is using “aim to slow climate change by making activities that emit greenhouse gases sharply more expensive.”
Action Line: If you need help building a portfolio with misguided federal policies in mind, I would love to talk with you. If you would like to get to know me before we talk on the phone, there’s no better way than signing up for my free monthly Survive & Thrive letter. In the letter each month, I encourage and push you to achieve the personal and financial security goals you’ve set for your family. Click here to subscribe. We’ll get to know each other, and get serious about your future success.
E.J. Smith - Your Survival Guy
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