This won’t cause pain for the middle and lower classes in the least, right?
Biden Administration Halts New Drilling in Legal Fight Over Climate Costs
The Biden administration is indefinitely freezing decisions about new federal oil and gas drilling as part of a legal brawl with Republican-led states that could significantly impact President Biden’s plans to tackle climate change.
The move, which came Saturday, was a response to a recent federal ruling that blocked the way the Biden administration was calculating the real cost of climate change, a figure that guides a range of government decisions, from pollution regulation to whether to permit new oil, gas or coal extraction on public lands and in federal waters.
Under President Barack Obama, the government estimated that the damage from wildfires, floods and rising sea levels was $51 for every ton of carbon dioxide generated by burning fossil fuels. President Donald J. Trump lowered that number considerably, setting it at $7 or less per ton. Upon taking office, Mr. Biden revived the $51 level and set about updating it further — work that is underway.
Known as the “social cost of carbon,” the metric is designed to underline the potential economic threats from greenhouse gas emissions so they can be compared to the economic benefits from acts like oil drilling. Economists and climate scientists say it is needed because climate-fueled heat waves, storms, wildfires and flooding already cost the United States billions of dollars annually but those costs are often not taken into account by policymakers. Factoring in those costs could make it harder for fossil fuel projects to win federal approval.
So, because Biden is having a hissy fit over what Trump did and the lawsuits from 10 Republican states which Biden lost, he’s going to screw the non-rich folks, driving up their cost of gasoline and natural gas, which will then further drive up the cost of everything.
Here comes $7 gas prices, warns oil strategist in dire outlook
Drivers best start bracing for another surge in gas prices amid the conflict between Russia and Ukraine and years of under-investment by the oil industry, warns one veteran energy strategist.
“My guess is that you are going to see $5 a gallon at any triple-digit [oil prices] … as soon as you get to $100. And you might get to $6.50 or $7. Forget about $150 a gallon, I don’t know where we will be bv then,” Energy Word founder Dan Dicker said on Yahoo Finance Live. (snip)
Gas prices are coming off their seventh straight weekly advance, according to data from GasBuddy. The national average is up 16.5 cents a gallon from a month ago and 97.2 cents a gallon from one year ago.
The average price nationally for gas currently stands at $3.47.
“Years of under-investment”? Things were going swimmingly during the Trump years. Biden comes in and messes everything up. Does anyone think he actually cares about the people who will be hurt the most? His admin will probably push EVs again, even though most in the middle and lower classes can’t afford one.
https://twitter.com/davidthomas38/status/1495418102263300098