Joe Biden's "anti-American" policy is set to cost the country roughly $100 billion a year for as long as the Democratic president's policies continue, a report claims.
An investigation has revealed that Biden’s new anti-energy policies, “Environmental, Social and Governance” (ESG) and rising business tax rates means US oil production has fallen 1-5 million daily barrels short of previous trends.
According to the report by economists, Stephen Moore and Casey B. Mulligan, increased costs of oil and gas extraction are reducing annual GDP by about $100 billion.
The experts suggest that in comparison, President Trump’s regulatory and tax policies would have allowed US oil and gas industries to produce more, at lower cost per barrel and cubic foot of gas.
The experts suggest that in comparison, President Trump’s regulatory and tax policies would have allowed US oil and gas industries to produce more, at lower cost per barrel and cubic foot of gas
REUTERSThe report says: "The combined addition to U.S. GDP would be roughly $100 billion a year for as long as the policies continued, even without any continued technological progress.
"The additional GDP is about twice that amount once we recognise that continued productivity growth in oil and gas should have pushed our production levels well beyond the 2019 highs.
"We do not yet know whether the anti-fossil fuel policies just reduce oil and gas supply below an upward trend that nonetheless continues in parallel with the previous trend, or whether the technological progress itself is slowed.
"If the latter, the costs of these policies will be felt for many years into the future, even after (and if) a new administration has reversed them."
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It comes after another US economist said Biden has left the US "vulnerable" after "draining" America’s strategic petroleum reserve.
Oil shipping delay concerns are growing after BP paused operations through the Red Sea following a series of attacks by rebels.
The British oil giant said the suspension comes amid a “deteriorating security situation” with tensions in the Middle East.
According to the report: "Anti-energy policies in the United States enrich the major oil producers in Asia and the Middle East, some of whom use their wealth to fund terrorism.
It comes after another US economist said Biden has left the US 'vulnerable' after 'draining' America’s strategic petroleum reserve
PA"Indeed, they are enriched twice by our policies. One benefit they get is that subtractions from U.S. production are subtractions from world production that contribute to higher world oil prices.
"The second benefit is that undermining shale activity in the U.S. gives OPEC more pricing power, because we are no longer as able to respond to OPEC production cuts with production increases of our own.
"Indirectly, Biden’s policies regarding US production are reducing OPEC production too."
