Afternoon TEA: No Reprieve From Bidenflation In Sight
Usually spring would provide a source of hope for Americans looking forward to family road trips to vacation destinations. But the frightening situation unfolding with Russia over the last several weeks and a brutally expensive winter followed by a spring with soaring gasoline prices could mean an uncertain and pricey future.
We have already detailed how the short-sighted actions of the Biden Administration have contributed to both this instability abroad and skyrocketing prices at home. And, the ill effects of his actions just keep coming. Recently, experts have been predicting that crude oil prices could go as high as $150 a barrel—which could see Americans paying upward of $5 per gallon at the pump!
Meanwhile, a conflict in Eastern Ukraine would be devastating to the regional and global energy markets. It is highly unlikely that Russia would continue to provide fuel resources to any European country that opposed them during an armed conflict. This could spell disaster for an already tight energy supply in Europe due to winter demand driving prices sharply upwards.
The good news is, the United States has the natural resources to help meet this potential supply shortfall. But our energy strategy needs to be realigned, domestically and among our transatlantic and global allies. Thankfully, we have some smart leaders in Congress trying to do just that.
Several of TEA’s Declaration of Energy Independence signers recently reintroduced the Energy Security Cooperation with Allied Partners in Europe (ESCAPE) Act in the House of Representatives. The legislation “will advance American energy exports to the European Union and North Atlantic Treaty Organization (NATO) allies, and reduce their reliance on Russian energy. Additionally, it mandates sanctions on Russian pipelines, including Nord Stream 2, which were signed into law in the National Defense Authorization Act, but have not been enforced by President Biden.”
Beyond increased national security and economic power, American produced fuels are cleaner than those from Russia thanks to a robust domestic regulatory environment. If American energy were to replace Russian energy in the European Union, global greenhouse gas emissions would fall by 72 million metric tons each year. More affordable energy for America and her allies, a safer and sounder global stage and lowered greenhouse gas emissions. Quite simply, the world is better off when America is the global leader in energy production.