Price Tag for Biden’s War on Energy: $100 to $300 Billion in Lost Oil Output - So Far

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Unleash Prosperity Hotline
Issue #853
09/11/2023
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1) Price Tag for Biden’s War on Energy: $100 to $300 Billion in Lost Oil Output – So Far
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Oil prices hit near $90 a barrel last week and gas prices are headed back up to $4 to 4.50 a gallon. That’s a disaster. Why is it happening?

Our latest CTUP study estimates how Biden’s war on fossil fuels has drained the U.S. economy of energy resources. The study, which was highlighted in the New York Post this weekend, estimates that the U.S. would have produced between 1.2 and 4 billion more barrels of oil since Biden came into office if we had simply stuck with Trump's pro-drilling policies. The chart below shows the high and low estimates for what would have happened with oil production if Biden hadn’t tried to decapitate the domestic oil industry.

In other words, we could have completely neutralized the OPEC and Russian ploy of cutting world oil production by 1.3 million barrels a day in order to drive up prices. All we had to do was stick with a pro-drilling strategy. Instead, Biden wants “net zero” fossil fuels, which is an energy scheme that would impoverish America, while pouring billions of dollars more into the coffers of the Saudis and the Russians.

If you think we are exaggerating the threat here, last week (even with gas prices soaring) Biden announced another million acres of prime oil and gas lands off-limit for drilling in Alaska.

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2) Which City Will Be America’s Next Detroit?
For many years CTUP co-founders Art Laffer and Stephen Moore have partnered with ALEC to produce “Rich States, Poor States” – an annual rating of all 50 states on their economic competitiveness.

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We’re pleased to see the Pacific Research Institute use the same principles to create a new “Free Cities Index” ([link removed]) of the nation’s 50 biggest cities.

“Cities that levy less burdensome taxes, impose a less costly regulatory environment, and efficiently provide core public services are attracting employers, investment, jobs, and tax revenue.” says PRI's Wayne Winegarden, who prepared the list.

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Between 2020 and 2022, 28 of the nation’s 50 largest cities saw their populations decline. The biggest losers were San Francisco, which saw its population fall by 7.5%, and Chicago, down by 5 percent. Are they vying to see which once-great American city will implode like Detroit?

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3) Progressives Ticket Drivers for Speeding One Mile Above Speed Limit
Whatever happened to the 10 mph margin for error?

In Britain, a Parliamentary committee made up of members from all political parties has just issued a “road justice” report calling for drivers to be heavily fined if they go even one mile above the posted speed limit. Why? To make it safer for people to go walk, cycle, or scooter to work.

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This nuttiness is all part of the left’s war on cars.

We point these initiatives out to you our readers because many of these mad ideas are headed to these shores.

California and eight other states have passed laws to ban new gas/diesel-powered cars by 2035.

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4) Every Time We Think California Couldn’t Get Any Crazier…
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SACRAMENTO, Calif. — California lawmakers on Friday passed a proposed law that would require judges in the state to consider a parent's acceptance or affirmation of their child's gender identity when weighing child custody disputes.

So if a parent opposes a sex change operation for a 13 year old, the state could take their kid away from them.

Scary.

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5) Academy Awards to Institute Racial Quotas To Determine Oscar Winners
There is no more woke institution in America than Hollywood - so this depressing story shouldn’t surprise any of us.

Starting next year, no film can be nominated for the Best Picture Academy Award unless it meets “diversity” standards. A nominated film must meet standards that include the number of underrepresented minorities as on-camera actors or in senior leadership positions with the film or studio.

Nikolaj Arcel, the director of The Promised Land, stepped in and tried to reassure the audience the film could meet the standard even though it was set in 1750s Denmark - when there were few minorities around.

“We do have a big plotline about a girl of color who is being subjected to racism,” he said. “She was probably at the time one of the only “girls of color” in the entire country of Denmark.”

Could the Godfather - one of the greatest movies ever made - have won the Oscar under these new standards? There weren’t too many blacks appearing in that movie, but that wasn’t racism. There just weren’t that many black, Italian members of the mafia in the 1950s.

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6) America’s Worst Mayor Lands at Harvard

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