Biden’s Bull Market

President Biden is having early success with his “raise the price of oil” agenda as both oil prices and gas prices continue to rise. Oh sure, there is a sign of rising global demand and we are seeing the impact of OPEC production cuts that have caused global floating oil storage to fall to its lowest level since April, only 15 million barrels above pre-pandemic levels. But we know that the Biden administration is encouraging higher prices. 

Energy company layoffs are coming as over 100 U.S. oil and gas companies went bankrupt because of the covid -19 oil demand drop. Now with Biden canceling the Keystone XL Pipeline, disrespecting our Canadian trading partners, and rejoining the Paris Climate accord and a drilling moratorium in Alaska, he will add to the carnage in the petroleum industry, costing the U.S. tens of thousands of jobs. Add to that, he is forcing businesses to raise the minimum wage during an economic slowdown and that will cause more layoffs in an economy that is already struggling. 

Fuel, Pump, Energy, Gas Pump, Gas Station, Diesel Fuel

Image Source: Pixabay

If you want to put in policies that will raise oil prices and put the economy back into recession you are doing all of the right things. Of course, climate change is more important to the Democrats because they have little regard for the American family. He will look for the U.S. taxpayer to subsidize green energy projects in poor countries and will offshore global oil production to other countries that do it a lot more dirty and less efficient than the U.S.. The U.S. taxpayer is going to pick up the bill for it, not to mention paying off government-mandated unemployment. Of course, the Biden administration claims that those tens of thousands of lost jobs will be replaced by the government with trillions of dollars spent on green energy projects. The problem is that they can't even pass a covid-19 bill not to mention a much broader green energy package. 

The federal government also does not have the best track record in promoting green energy. They have wasted a lot of money on failed projects and have not shown that they can dictate energy sources efficiently. Just throwing money at green energy won't make it work if it is not scalable in the first place. The Biden administration fired tens of thousands of union workers with no plan to replace those jobs anytime soon. What other jobs in the U.S. will be sacrificed to push the Biden Agenda?

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