To win this new war against terrorism, an obvious 1st Step is for America to regain its Energy Dominance
WASHINGTON, D.C. (Texas Insider Report) — President Joe Biden solemnly declared Wednesday that he stands with Israel against the terrorists. Great – but his actions in the White House have facilitated these homicidal attacks by financing our enemies. This was so predictable and avoidable.
Biden's war on American energy started on day 1. His first act as president was to kill the Keystone XL pipeline, and the systematic reversal of former President Donald Trump's pro-America energy policies has gotten worse month after month.
The Institute for Energy Research lists scores of Biden's anti-fossil fuel policies that include in recent weeks taking millions of acres of prime oil and gas lands -- from Alaska down to the Gulf of Mexico -- out of production. Biden's environmental rules and higher taxes on the industry seem intentionally designed to bankrupt this industry -- much as he promised he would do if elected president.As a consequence, the latest Committee to Unleash Prosperity energy report finds that U.S. oil output is roughly 2 million barrels a day below the Trump policy trend line. At today's price of $85-$90 a barrel, this means the U.S. is losing about $175 million a day in energy output. How do you like to pay $4 to $5 a gallon at the pump?
This isn't just an economic self-inflicted wound – but a deepening national security threat as well.
We have known for 50 years that terrorist organizations like Hamas are primarily financed with petrodollars. We also know from the days of the OPEC oil embargoes of the 1970s that the nation that has control of oil markets has a commanding height of geopolitical influence around the world. It is a truism that in 21st-century global confrontations, economic might is foremost in fending off enemies.
Who has benefited most from the "green" energy anti-fossil fuel policies of this administration? Start with Russia. Biden has aided and abetted the Vladimir Putin war machine in Ukraine by making Russian oil and gas more expensive on world markets. He has similarly enriched Middle East oil-producing nations like Iran as well.
Of course, increasing America's vulnerability and our capability to respond to these terrorist attacks against Israel is that the U.S. strategic petroleum reserve has been nearly depleted under Biden. We are starting this conflict behind the eight ball.
It doesn't help that roughly $10 billion in our national defense budget is now diverted into green energy programs that do nothing to enhance national security.
To win this new war against terrorism, an obvious first step is for America to regain its energy dominance -- a position we achieved under Trump. That means producing all our energy. Our oil, our gas, our coal, our nuclear power, and when appropriate and cost-efficient, our wind and solar power.
If instead Biden continues to kowtow to radical environmentalists, we will make America weaker and our enemies stronger, and the world will be a much more dangerous place in the years to come.
Stephen Moore serves as Chief Economist for The Texas Insider, is Co-Founder of the Committee to Unleash Prosperity, and is a Senior Fellow at both FreedomWorks and the Heritage Foundation. His latest book is "Govzilla: How the Relentless Growth of Government Is Devouring Our Economy."
