With only two weeks left in his presidency, Biden has decided to maintain his legacy of repeated attacks on the fossil fuel industry, by issuing a sweeping ban of future drilling along the East and West Coasts, the eastern Gulf of Mexico, and the Alaskan Coast. Roughly 625 million acres are now off limits, the size of which is larger than the entire Louisiana Purchase and considered the most extensive ban in history.

It is a bold and brash move that puts U.S. energy security at risk and hurts consumers. It must be undone.

Very little drilling is currently taking place in these areas; however, banning them from potential exploration sends signals to the market that could cause price increases. Limiting future inventories will cause additional price hikes as demand outpaces supply. Either way, restricting oil and natural gas development hurts consumers through diminished available energy and higher costs.

Americans have relied on and will continue to depend on fossil fuels for the majority of their energy needs. Comprising at least 80% of total energy consumption for decades, these sources are paramount to economic growth and stability. Their essentiality is not fading anytime soon. Despite efforts to reduce their utilization, oil and natural gas consumption continue to surge.

Energy demand persistently expands, and in some cases, is spiking. It is imperative we have plenty of resources at our disposal. Natural gas, for example, will likely play a pivotal role in fueling our exponentially swelling electricity needs. Blocking potential exploration and production jeopardizes our energy security and national vitality.

Read the full article here.

Kristen Walker is a policy analyst for the American Consumer Institute, a nonprofit education and research organization. For more information about the Institute, visit www.theamericanconsumer.org or follow us on Twitter @ConsumerPal.

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