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.
Read more in RealClearEnergy here.
The views and opinions expressed are those of the author’s and do not necessarily reflect the official policy or position of C3.