Commentary
The inflation rate in the United States is the highest it has been in more than 40 years. Most Americans have never experienced the drop in buying power they’re currently facing.
Historically high (and rising) energy prices are producing a ripple effect throughout the economy, significantly increasing the prices of food and other essential goods and services.
Rising food and fuel prices are a direct result of President Joe Biden’s climate and energy policies.
To fight climate change, Biden canceled the Keystone XL pipeline partnership with Canada, imposed a moratorium on new oil and gas leases on federal lands and the U.S. outer continental shelf, canceled oil and gas leases in the Arctic National Wildlife Refuge, foreclosed drilling on more than half of the National Petroleum Reserve-Alaska, and proposed increasing federal fees and royalties paid by oil and gas producers. Biden also forced new climate-change restrictions on infrastructure projects such as pipelines, while simultaneously making it more difficult and expensive to ship natural gas by rail. He also imposed methane emission restrictions making it harder and more expensive to develop, store, and transport oil and natural gas.
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