Forcing Americans to buy energy from our adversaries is unprincipled

OPINION:

As the Christmas season draws closer, Americans have a little more jingle in their pockets than they would otherwise, thanks to easing gasoline prices. But the good fortune is unlikely to last so long as President Biden’s policies keep a tight lid on fossil fuels.

A gallon of regular averages around $3.24 right now, which is a little more than 6% off last year’s price of $3.47, according to AAA. Demand that began to weaken in September sent pump prices tumbling, yet Mr. Biden’s refusal to shield the United States from intrusive global mischief could allow even this meager seasonal gift to be stolen.

The OPEC+ oil cartel agreed to boost crude oil prices last week by squeezing supply. The oil-rich nations will cut overall production by more than 2 million barrels a day, or about 2% of the global supply. The agreement includes a decision by Saudi Arabia to extend into March a 1 million-barrel daily cutback already in place.

Barring a sudden global economic slowdown, oil prices are expected to trend higher, and once again, Americans can expect to spend more of their hard-earned cash at the filling station.

OPEC schemes are relevant only because of Mr. Biden’s war on affordable energy. The president made as a centerpiece of his administration a foolish commitment to halting the use of domestic oil, natural gas and coal.

The incremental reduction in drilling permits on federal lands and waters, followed by a September ban on drilling in Alaska’s Arctic National Wildlife Refuge, has kept gas prices around a dollar a gallon higher than during the preceding Trump era.

“The administration right now is really focusing on decreasing production, unfortunately, at a time when we should be increasing production because we know the hostile regimes — hostile to American interests — are going to continue their efforts,” American Petroleum Institute President Mike Sommers told Fox Business on Thursday.

While the U.S. oil industry has finally managed to surpass its pre-pandemic production level of 13 million barrels per day, oil companies could be pumping millions more barrels daily were it not for White House interference. Americans could be cheered year-round by hundreds of billions in saved fuel costs, collectively, rather than a quarter per gallon this Christmas.

So, whose interests is Mr. Biden serving, if not America’s? Russia’s, for one. The component of “Bidenomics” that empowers trendy energy sources such as windmills and solar panels while suppressing fossil fuels has forced consumers to pay a premium for Russian oil, which is underwriting Moscow’s war on Ukraine. 

The Ukrainians have also benefited from the president’s gift of about $113 billion in military and humanitarian aid. The White House rationalizes that U.S. munitions transfers to Ukraine boost the U.S. defense industry — “Bombenomics.”

Similarly, Mr. Biden funded Israel to the tune of $3.2 billion in fiscal 2022, while concurrently dispensing $150 million to the Palestinians who, together with their Iranian paymasters, are now waging war on Israel.

Funding death on both sides of foreign wars betrays a lack of principle, and so does forcing U.S. consumers pay adversaries for energy rather than access the resources beneath our feet.