As each day passes, the Biden administration has the opportunity to do right by the American people. They possess the power to keep their promises: keeping taxes low, increasing production in the United States, secure the border, prevent a national security disaster, maintain levels of inflation as to not affect the consumer.
But, no: they’re doing the opposite.
Joe Biden put forward proposal this week to tax the oil and gas industries in the reconciliation bill, which would be cost many Americans their livelihoods and put added strain on the economy
A recent analysis by leading economists warned of Biden’s latest efforts to punish the oil and gas industry, saying:
“If implemented, the new tax could cost American jobs, increase costs for U.S. natural gas and oil, and outsource energy production – often to adversarial nations with less stringent environmental records.”
The analysis found that the tax proposal would result in $9.1 billion in direct costs to the economy and could mean the loss of 90,000 American jobs.
To put those figures in perspective, the analysis said all the Solar Panel Installer & Wind Turbine Service Technician jobs in America (17,350) amount to just 19% of the potential job losses resulting from the natural gas tax.
The analysis said Biden’s proposed tax would likely increase the cost of oil production in America, which could make gasoline more expensive for consumers. About one half of the natural gas and oil industry’s methane emissions were related to oil production according to The International Energy Agency.
Given natural gas and oil’s role in powering the majority of energy in the U.S., the fallout from the new natural gas tax could ripple throughout the American economy and the public already being squeezed by inflation.
The National Taxpayers Union also weighed in on the proposed tax.
“Among the most troubling provisions in this legislation are slush funds that could artificially manipulate the cost of certain forms of energy relative to others,” the Union said.
The agriculture sector, for example, is the largest source of methane emissions but is excluded from the proposed tax.
In fact, the sources responsible for 70% of U.S. methane emissions are excluded.
How far will they take it before every American worker is reliant upon handouts from the encroaching federal government? Could this be the Democrats’ plan all along?
Author: Asa McCue