Afternoon TEA: The Jobs and Money Report
We’ve talked a lot about how the Biden Administration’s “green-at-any-cost” agenda is contributing to higher energy bills and skyrocketing costs at the gas pump. And, those costs are absolutely harmful to hard-working Americans right here and now. But, this anti-American energy agenda is also costing us jobs and damaging our long-term economic health as a nation. Here are just some of the damaging actions and proposals that have come from Biden’s costly energy agenda:
As one of his first acts in office, Biden canceled permits for the Keystone XL costing 60,000 jobs and $3.6. billion in wages.
Biden considered shutting down the Line 5 pipeline in Michigan which would result in a loss of 33,755 jobs, $20.8 billion in economic activity and $2.36 billion in wages and benefits.
Biden’s EPA repealed a rule that said local entities could not take more than a year to approve or deny permits for utilities and oil and gas pipelines. Just some of the pipelines that are currently stalled or were canceled because of these kinds of these stalling tactics include: the Mountain Valley Pipeline which would sustain about 5,800 jobs and $5.9 billion in economic activity, the PennEast Pipeline with 12,000 jobs during construction and 2,000 jobs following, and the Jordan Cove Project with 6,000 jobs during construction and up to $100 million in state and local tax revenue.
As another one of his first acts in office, President Biden issued an executive order to “pause new oil and natural gas leases on public lands or in offshore waters.” While a court thankfully overturned that “pause,” if it had become a permanent ban, it would have cost 936,000 jobs by 2022 and a $700 billion decline in GDP by 2030.
The Biden Administration has frequently floated a “methane tax” on natural gas. If passed, it could cost American households over $9 billion and about 90,000 jobs.
The Administration even considered an export ban on oil and gas which would cost us jobs, economic growth and erase the $200 billion reduction in our trade deficit that we achieved over the last decade.
Biden reversed a policy that would have allowed oil and gas development in Alaska, which could create up to 130,000 jobs in the state.
And, despite a pile of campaign promises that he would not ban hydraulic fracturing, the Biden administration let a ban take hold in the Delaware River Basin. A national ban would eliminate 19 million jobs and reduce GDP by $7.1 trillion by 2025.
Whether it has been actions that have canceled pipelines and discouraged domestic energy exploration or policy suggestions that set a tone of hostility toward American energy producers, this Administration is costing American families both now and down the road. High energy costs are in turn feeding the skyrocketing inflation that is crushing every-day American families, but the long-term damage to job growth and our economy could also become a long-term burden if this agenda is allowed to continue. For more information about how Biden’s energy agenda is costing American families, check out our TEA Factsheet.