Oil and gas are doing more for the economy than his climate dreams.
Despite President Biden’s best efforts, U.S. fossil-fuel production continues to grow, and it’s supporting the economy he touts. That’s one notable finding from the Bureau of Economic Analysis’s recent report on state GDP growth in 2023 that is always instructive about regional and industrial economic trends.
The U.S. economy last year expanded by 2.5%, and while the rest of the press missed it, fossil-fuel producing states led the way. These include North Dakota (5.9%), Texas (5.7%), Wyoming (5.4%), Oklahoma (5.3%), Alaska (5.3%), West Virginia (4.7%) and New Mexico (4.1%). Mining contributed about two to three percentage points to GDP growth in these states.
U.S. oil production last year hit a record 13.3 million barrels a day while natural gas output surged to a record 45.6 trillion cubic feet. Most has occurred on state and private lands, which the federal government has little power to stop. This is why government revenue in Texas from oil and gas royalties and taxes last year soared to $26.3 billion.
Mr. Biden will never admit it, but privately financed fossil-fuel production is doing far more to boost the U.S. economy than his hundreds of billions of dollars in spending on electric vehicles and green energy. The latter may even detract from economic growth by causing a misallocation of capital to less productive uses.
@ISIDEWITH2wks2W
@ISIDEWITH2wks2W
@ISIDEWITH2wks2W
@ISIDEWITH2wks2W
@ISIDEWITH2wks2W
How long are we going to be made to feel guilty because our cars emit CO2, which we blame for so-called global warming?
I'm not denying that it's hotter now than in the 18th century, but let's say it another way. It was colder in the 18th century than it is now. In fact, the 18th century was the coldest one of the second millennium. Man is not responsible for this. It would be extremely presumptuous to believe that we, simple humans, could change the climate.
Divestment from fossil fuel companies isn't working. Engagement with those companies isn't working. Nationalization would work, but is unlikely to fly politically. Perhaps a concentration strategy could work -- concentrate purchases on one oil/gas company (or investor-owned utility), to the point where it would be possible to replace management with people who will accelerate the transition to a low-carbon economy. If that means lower returns for the shareholders in the near term, well, it's a modest price to pay to throttle back the supply side.
@S3curitySeafowlDemocrat2wks2W
In a world with over 8 billion people and increasing, where long term is considered more than 3 years, short term business profits are the primary focus and mandatory (idiotic) growth is a requirement of the dominant economic system, the mere concept of sacrificing anything for the distant future is inconceivable. Mitigate global warming? Why bother? I won’t be here long enough to see the most severe effects anyway and besides I need a new 1,500 horsepower six passenger all wheel drive truck for my daily single passenger commute to lord my power and influence over my subordinates from the top floor of the towers.
We know exactly what we need to do and are doing the opposite. The plan seems to be to generate clouds of disinformation about how ecological and wonderful corporations (and governments) are, while selling as many climate-destroying products as possible as quickly as possible until either they kill us all or someone finally makes them stop. In the meantime, keep that gravy train rolling!
@AmusedTigerLibertarian2wks2W
The oil and gas industry has so many positive impacts on the economy, it’s hard to list them all.
Biden and the greens hate fossil fuels, but industry and the people demand them. It is impossible to have an economy dependent on electricity, which is helping China. We need all of the above. With Biden, oil companies are reluctant to invest. There is no hope with Biden. America could export natural gas and help Europe become dependent on gas and oil fuels from Russia or Iran. Drilling on our lands will end the dependency on Venezuela and Middle East oil in America. We need Trump to help America be independent from unreliable countries to meet our energy needs.
@KeenIcecream2wks2W
The article is 100% correct when it states: “Mr. Biden deserves no credit for America’s fossil-fuel boom, but he’s surely benefiting from it, much as Barack Obama did in 2012. The President’s biggest economic success is something he has done everything in his power to thwart.”
In 2019, Joe clearly said during the New Hampshire primaries: “I want you to look in my eyes. I guarantee you – I guarantee you – we're going to end fossil fuel and I am not going to cooperate, okay?” Does anyone really believe that Biden’s “green&… Read more
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