President Joe Biden still thinks he can have it both ways on fossil fuels — blasting oil companies for not producing even while keeping his promise to “end” US production. And nothing highlights the hypocrisy like his team’s cancellation of three major oil- and gas-lease sales last week.
On Wednesday, the Department of the Interior withdrew drilling leases for more than 1 million acres in Alaska’s Cook Inlet and two areas in the Gulf of Mexico. It blamed a “lack of industry interest” in the Alaska site and “conflicting court rulings” on the Gulf sites.
Such blame-shifting is Team Biden’s standard operating procedure amid sky-high prices. Per AAA, the national average cost for a gallon broke an all-time record Thursday, at $4.42. And higher pump (and other energy) prices drive up the cost of almost all other goods, too.
Fact is, Biden has sent a powerful message to oil and gas producers: He’s going to do everything in his power to put them out of business. “Kiddo,” he told an activist on the campaign trail in 2019, “look in my eyes. I guarantee you, I guarantee you we are going to end fossil fuel.”
Sure enough, he halted federal lease sales the moment he took office. He also canceled the Keystone pipeline, pushed for companies to address the cost of climate change and moved to dry up their access to capital. He’s also failed to issue a new five-year offshore-leasing plan, though the current one expires next month.
“The administration talks about the need for more supply and acts to restrict it,” frets American Petroleum Institute’s Frank Macchiarola.
And now, in a lame bid to appear pro-production, he’s threatening tax penalties for companies with federal leases that aren’t pumping up more oil. Who can blame the industry for not wanting to risk signing pricey federal leases? But if the prez truly wants more oil, why not keep trying to sell at least the Alaska lease?
If he were honest, Biden would admit his policies are driving up energy costs and argue that it’s necessary to fight climate change. Instead, he pretends “I’m doing everything . . . to bring down the prices” — while actually moving aggressively to keep his vow to end the use of fossil fuels.
Sorry, Joe: You can’t do both. And oil companies understand that; they know his priority is less oil and gas, and refuse to make risky investments. The blame for higher prices is entirely on the president.