August 12th, 2022

• American natural gas is the world’s most affordable and reliable green energy. TEA

• Opinion: Natural gas is better than what you’ve been told. Washington Post

• Reviving tax and spend “Green New Deal” policies in a recession? Sure, that makes perfect sense. World Oil

• Natural gas-powered vehicles poised for the future. Act-News

• What does the IRA mean for the natural gas industry? Natural Gas Intel

• Lift ban on drilling or lose federal funding, says NY lawmaker. Auburn Pub 

• German company reducing natural gas usage by 40%. Market Watch

In America, nothing is certain except death, taxes, and reckless government spending. The most recent piece of legislation from Democrats, the Inflation Reduction Act, proves it.

•  As a result of the policy, those with incomes below $200,000 would pay almost $17 billion in combined additional taxes in 2023, according to a Joint Committee on Taxation analysis, published July 29.
• A massive $369 billion in spending, including subsidies for renewable energy, like wind and solar projects.
• It also would expand tax credits for electric vehicle purchases.
• Plus, $80 billion in new funding for the IRS, including about $46 billion to be spent on hiring more enforcement agents.

Bottom Line: Spending billions on things like wind and solar subsidies and EV incentives won’t stop China from emitting more emissions than the rest of the developed world combined. All it will do is raise taxes and drive us further into an inflationary downward spiral.

Common sense says Senator Joe Manchin (D-W.Va.) was bamboozled by Senator Chuck Schumer (D-NY) and fellow Democrats. Our prediction is that the Biden administration will maintain its vehement fight to destroy America’s energy supply and the natural gas industry, which is fundamental to America’s energy affordability, environmental consciousness and national security.

President Biden and the Democrats will double down on our reliance on Chinese rare earth metals, which will result in very expensive, environmentally dirty, inefficient, ineffective and unreliable wind and solar power generation installations.

They will continue their tone-deaf posture to nearly 61% of Americans who are living paycheck to paycheck and with a complete disregard of their miseries at the gasoline pumps and local grocery stores. Plus, their kids will be going back to school in the coming weeks, thus placing more strain on their shrinking bank accounts.

The following are reasons we think Senator Manchin was bamboozled:

•  Does he actually believe that the U.S. Court of Appeals for the District of Columbia Circuit will prove more favorable toward Mountain Valley Pipeline than the Fourth Circuit Court (Maryland, Virginia, West Virginia, North Carolina, and South Carolina)? Seriously?
• Does he believe the bill’s $80 billion for the IRS, including about $46 billion to be spent on hiring more enforcement agents is for the benefit of 56 percent of Americans who could not afford $1,000 in emergency spending?

Bottom Line: We aren’t buying President Biden, Senator Schumer, Representative Nancy Pelosi’s tax on millions of Americans and spending it on green pork projects, or whatever pretty name they want to call it, as being good for America.

Across the country, gas prices continue to drop as demand for gasoline does the same. For the 57th consecutive day, the national average for a gallon of gas crept down to $3.99. This is the first time the national average has been below $4 since March. Don’t get too excited, though. Gas experts are noting that prices may be hitting their floor as oil prices are back on the rise.

Nothing on the calendar next week, enjoy your weekend!

COMMON SENSE QUOTE OF THE WEEK

“The last time Senate Democrats tried to remake the economy on party lines, they shoved American families into the worst inflation in 40 years. Democrats got all-you-can-eat liberal spending and working families got stuck with the bill.”

— Senator Mitch McConnell (R-Kentucky)