AMAC MAGAZINE: Volume 17, Issue 1 - JAN/FEB 2023

L ate this fall, as the cost of gas ticked down slightly from record highs of nearly $5 per gallon this summer, Democrats rushed to claim victory, apparently forgetting (or ignoring) that prices still remain far above where they were when Biden took office. As the calendar flips over to 2023, the dangers of President Joe Biden’s short- sighted and ill-advised poli- cies are only becoming more apparent, suggesting that gas prices likely won’t continue

pledged to “replace” the oil industry with renewables. Biden made good on that promise on his first day in office by signing a slew of executive actions, including shut- ting down the Keystone XL oil pipe- line and suspending new oil and gas leases on public lands. An avalanche of new restrictions and regulations further hampered the energy indus- try, dramatically slowing new and existing projects and raising produc- tion costs.

burden on the farmers, ranchers, and truckers who primarily rely on it. Costs remained stubbornly high throughout the summer, exacerbat- ing inflationary pressures wrought by runaway government spending. Utility prices also began a rapid rise as a result of Biden’s policies. Aver- age electricity costs rose nearly 20 percent from January of 2021 to November of 2022, while natural gas prices increased more than 30 percent in that same time frame. As a result, more than 20 million Ameri- can households were behind on their utility bills as of November, and the problem only looks to be getting worse. Businesses have also literally struggled to keep the lights on and have had to raise costs or cut workers.

their downward trajectory and other energy costs will continue to rise. Despite the media spin, the coun- try may yet be witness- ing an energy disaster in the making.

Energy Prices Soar

Predictably, energy prices soon began to skyrocket. From an aver- age of $2.39 per gallon when Biden took office in January of 2021, gas prices ticked up to $3.15 in June and $3.40 in December. By the summer of 2022, gas prices had more than doubled, crossing $5 per gallon on June 9. Diesel prices saw an even more dramatic increase than regular unleaded gasoline, placing an added

Biden Destroys Energy Independence

Biden Shifts Blame

Despite the tragic consequences of his policies, the Biden administra- tion and congressional Democrats have worked overtime to shift blame

Perhaps the most fateful consequence of Biden’s early actions as president was the end of the hard- won energy independence achieved under former President Donald Trump. From the earliest days of his presidential campaign, Biden promised that he would do everything in his power to decrease and even eliminate fossil fuel production in the US  including banning fracking, a key pillar of the American energy industry and several state econo- mies. During the first pres- idential debate in October of 2020, Biden infamously

US Heating Costs Expected to Tick up This Winter Average US household spending on heating per winter season, by fuel type (in US dollars)

Heating Oil

Electricity

Natural Gas

$2,354

$2,500

$2,000 $1,500 $1,000 $500 $0

$1,359

$931

15/16 16/17 17/18 18/19 19/20 20/21 21/22 22/23*

*Forecast Source: Energy Information Administration

Volume 17 Issue 1 • 27

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