(LibertySons.org) – One of President Biden’s most controversial projects has been his green agenda. Time after time, Biden has launched attacks on the US oil and gas industries in an attempt to force a switch to renewable energy. Two Republican legislators think he’s gone too far and have launched a pushback.
Inflation Reduction Act
One of the biggest pieces of legislation passed by the Biden administration was the 2022 Inflation Reduction Act (IRA), which, despite its name, had very little to do with inflation. Its main goals were reducing prescription drug prices, lowering the federal deficit, and promoting green energy. To help with that last goal, the IRA mandated an increase in the royalty rates energy companies pay the government for developing oil and gas fields on federal lands. Obviously, this increases the costs to companies that extract fuel from the ground and makes the fuel more expensive. In turn, that increases the price of everything else in the economy because energy prices influence other prices. As if that wasn’t damaging enough for the US economy, the IRA also raised the royalties on mineral mining leases.
On July 11, Representatives Andy Ogles (R-TN) and August Pfluger (R-TX) introduced the Declaration of Energy Independence Act to the House. The bill would reverse the royalty increases, bringing the tax on energy leases from Biden’s 16.67% back down to the pre-IRA rate of 12.5%. It also cuts mineral royalties from 20% back to 16.67%. In a statement, Pfluger said the bill would ensure that national policies “support American energy independence rather than hinder it.” He went on to accuse Biden of endangering US energy security and inflicting higher costs on American consumers.
Ogles also discussed the bill, slamming Biden’s “tyrannical policies,” which, he said, had pushed prices up and damaged US businesses. He said the country needs to increase its energy production, not cut it.
Energy Independence Matters
The US exports more energy than it imports, but that doesn’t mean the country is fully energy-independent. We still import oil, although less than before, thanks to an increase in fracking and exploration under the Trump administration, and that means we’re still vulnerable to shortages or price increases in the global market. Because oil from different regions isn’t all the same, it’s likely we’ll always export grades of oil other people want and import ones that can be turned into gasoline more economically. However, it would be better for the US if we produced as much as we could ourselves, and Biden spent his whole term attacking our energy industry. Finally, Congress is starting to fight back.
~Here’s to Our Liberty!
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