The War on Oil and Gas has Cost America $250 Billion in Lost Output

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Unleash Prosperity Hotline
Issue #1034
06/06/2024
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1) The War on Oil and Gas Has Cost America $250 Billion in Lost Output
Today CTUP released our new study ([link removed]) on the impact of Biden’s war on American oil and gas. The war is working – against America’s economic and security interests.

U.S. oil production has fallen short by between one and five million barrels PER DAY compared to the pro-drilling policies under Trump. This has meant a loss of 2.4 billion barrels of missing domestic oil from markets between 2021 and the end of 2023. The reduced output has also led to a cumulative GDP loss of approximately $250 billion through today.

The Biden team says that domestic oil output is near an all-time high, but given the rapid increase in oil prices and the productivity trends (from shale oil and gas drilling), output should be much higher.

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This report was highlighted in the Daily Wire:

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Also, The New York Post, added some of their graphics wizardry to one of our charts:

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The full report ([link removed]) by CTUP senior fellow and University of Chicago economics professor Casey Mulligan along with CTUP co-founder Stephen Moore is available here:

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2) Youngkin Pulls the Plug on Gas Car Ban

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Speaking of Biden’s inane war on oil and gas, the White House continues to move forward with its plan to ban the internal combustion engine in cars over the next decade. And progressive California is trying to tug the rest of the country with them over the EV cliff.

So it’s very good news that Virginia Governor Glenn Youngkin has canceled the mandate that all cars sold in the Old Dominion must be EVs by 2035. Under a Biden-granted Clean Air Act waiver, California is the only state allowed to set air emissions standards more stringent than federal rules, and about a dozen states have chosen to follow California Governor Gavin Newsom's lead and ban all internal combustion vehicles. (Biden's national version bans about 70 percent of internal combustion vehicles by model year 2032, the last year it covers.)

"Once again, Virginia is declaring independence – this time from a misguided electric vehicle mandate imposed by unelected leaders nearly 3,000 miles away" Youngkin declared. "Virginians deserve the freedom to choose which vehicles best fit the needs of their families and businesses."

Youngkin has the voters solidly behind him. A new Mason-Dixon poll shows Virginians oppose it by 64% to 33%. Fewer than 10% of the cars sold to Virginians last year were electric.

A new legal opinion from state Attorney General Jason Miyares makes a strong legal argument that the governor has this power.

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This is a big win for freedom and consumer sovereignty in VA.

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3) Trump Tax Cuts Worked – So Biden Wants to Repeal Them
We hope you find this chart based on the latest comprehensive federal tax data a handy refutation to the “tax cuts for the rich” mantra of Team Biden. Overall, after the Trump tax cuts were enacted in 2017, income tax collections rose. The share of income taxes paid by the rich soared, and the share of taxes paid by the bottom 50% fell.

In other words, the Trump tax cuts made the tax system more progressive, and the left still isn’t happy. When reality conflicts with theory, the Left go with the theory.

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4) STEVE FORBES: Can Biden's Regulation Binge Be Reversed Before It's Too Late?
Steve Forbes calls out the deleterious effects of President Biden's all-out regulation binge which will cost the U.S. economy—and citizens overall—trillions of dollars.

Click below to watch!
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5) More Evidence that Liberals May Be Ready to Throw Biden Over the Side of the Bus
Just as we’ve been warning about for at least a year, the wolves on the left are circling around President Biden. Earlier this week, both the Wall Street Journal and Time Magazine ran what look like planted stories on Biden’s declining cognitive faculties. Hmm. Could this be a coincidence that these stories are raining down at a time when Biden’s head-to-head numbers against Trump are looking grim?

In the Time interview, Biden sounded incoherent. A few (out of many) examples:
* “And what I inherited, as a consequence of the mistake that we made in Afghanistan is a—was not a loss in Afghanistan, excuse my cold.”
* “Pre-COVID prices are not the same as whether or not they—you have American, corporate America ripping off the public now.”
* “I can do it better than anybody you know. You’re looking at me, I can take you too.” (On being asked if he was too old to be president).

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Meanwhile, The Wall Street Journal news side added fuel to the fire with a story based on 45 White House insiders who say Biden is frequently incoherent:

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This is happening at a time when our Democrat sources confirm that: Yes, panic is setting in among Democratic Party leaders. We sincerely hope that Biden can hold it together for the next five months.

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6) Thanks for Protecting Our Freedoms!

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