At long last, the Biden administration is admitting what experts have always known: reckless energy policies have disastrous consequences. This time, the Department of Energy quietly released a report highlighting the positive economic benefits of developing the Keystone XL pipeline from Canada, an energy project canceled by President Biden in the hours following his inauguration.
But the DOE’s report is a proverbial day late and a dollar short. The cancelation of the Keystone XL pipeline has already cost the United States thousands of jobs and billions in economic growth while families suffer under the weight of record high energy prices. It’s time for lawmakers to make American energy independence a top priority. Released without a formal announcement, the DOE’s report points out that the pipeline would have created between 16,149 and 59,000 jobs and would have had an economic benefit of between $3.4 and 9.6 billion. That’s no small impact.Yet with one stroke of his pen, Biden slashed the project and instead focused his efforts on costly “green energy” goals. As a result of his executive action, 11,000 pipeline workers were promptly laid off and told to “go to work to make solar panels” instead.
But Biden’s green energy efforts are bound to backfire sooner rather than later. That’s because today, more than 70 percent of the energy produced and consumed in America comes from oil, gas and coal. That’s not likely to substantially change anytime soon. In fact, the International Energy Agency predicts that oil’s share of energy production in the United States will only fall 8 percent in the next two decades, from 31 to 23 percent.
And that’s assuming a sustained commitment to green energy policies. The forecast spells bad news for the Biden White House. At his political peril, Biden ignores the lessons of Presidents Jimmy Carter and George H. W. Bush, who both lost elections due to spiked oil prices and accompanying recessions.
