On his 1st day in office President Biden started the ball rolling by killing the exploration and development of ANWR and cancelled the Keystone XL pipeline by executive order.
Candidate Biden said there would be no place for fossil fuels in his administration and that's one campaign promise he has lived up to and then some.
These actions crushed the oil industry in real terms but more importantly the chilling of fossil fuel investing within Wall Street is staggering. It's just too risky to invest billions into an industry when contracts and laws can be wiped away by Presidential edict.
Killing Keystone XL was lawful but totally unprecedented. The impact studies were done, the government's environmental zealots signed off (twice!) and the State Department approved the project under two Administrations. Contracts were underway, people had relocated, kids had started school and billions of economic activity were underway only to be stopped with the stroke of pen day one.
Killing ANWR by administrative decree reversed part of the Tax Cuts and Jobs Act of 2017 that specifically honors the agreements we made with Alaska starting in 1960. Yes I'm talking about the Eisenhower Administration. Like so many historical treaties with indigenous peoples, America once again pulled the plug and screwed them over.
Joe Biden will go down in history as the man who single handedly killed American energy independence in the early 2020's and inadvertently funded Russia's war against Ukraine. Without a doubt this was completely self inflicted, orchestrated and unnecessary as our nation continues to embrace renewable energy.
Furthermore, Europe once again has to make a decision. Can they trust Putin? Will he shut off their natural gas during the cold of winter or will they deal with the United States who seemingly can arbitrarily changes policy potentially every four years?
