Why AOC and Biden may get the last laugh on oil and gas
Why AOC and Biden may get the last laugh on oil and gas
Biden’s great green giveaway is, ironically, unsustainable in the long term
Biden signs Inflation Reduction Act into law despite claims it won’t reduce inflation
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The tensions between the providers of fossil fuel and renewable energy are increasing. And the president has not helped.
Since taking office, President Biden has bent over backwards to accommodate the aggressive agenda set by climate activists and environmental lobbyists. In so doing he has punished or pushed aside the very industries that have helped to make America great — oil, coal and natural gas. Through pernicious regulations and plain old bully-pulpit pessimism, the President wants to move fossil fuels to the margins of our economy. He seems perfectly willing to trade reliable energy from oil and gas for less reliable renewables, despite the incapacity of renewals to fully deliver for decades.
When Rep. Alexandria Ocasio-Cortez, D-N.Y., introduced her Green New Deal resolution in 2019 it was considered a distant dream. Critics and the media were bemused that America would embrace such a vision but AOC’s goal was to rid the world of fossil fuels, forcing the federal government to set aside billions of dollars for the energy transition, to create millions of jobs in the energy sector, and to subsidize new technologies to replace oil and gas.
THIS IS THE DANGEROUS KEY TO BIDEN’S GREEN NEW DEAL GOALS
But today, AOC may have the last laugh. Last summer, President Biden signed the Inflation Reduction Act (IRA) into law. As the largest piece of federal legislation to address climate change, the IRA incorporates many of the key elements of the Green New Deal. AOC’s once far-fetched dream has become a present day reality, a mere three years later.
President Biden and Rep. Alexandria Ocasio-Cortez (Getty Images)
According to the Congressional Budget Office, the IRA will invest $391 billion in provisions relating to climate change. This includes $270 billion in tax incentives, and $27 billion for a green bank created by amending the Clean Air Act.
