Energy Report: Oil March Madness

The Biden approach with Iran is raising concerns to American allies in the Middle East, mainly Israel, Saudi Arabia, the UAE as well as others. Iran was boxed in by the previous administration. Now with Iran upping its enrichment, Israel is talking about a preemptive strike against the country and Saudi Arabia is feeling like the Biden administration is pulling away from the historical strategic relationship between the two countries.

More regulations on U.S. business are also taking a bite not only on oil companies but small businesses across the spectrum in the U.S.. The Western Journal reports that since taking office, President Joe Biden has made a point to repeal as many of former President Donald Trump’s policies as he can. One such repeal will likely cost the United States massive amounts of money. According to The Washington Times, the Trump administration’s efforts to end unnecessary regulations saved American businesses approximately $160 billion. Trump was the first president to issue a “regulatory budget,” which Ballotpedia refers to as “policies that limit the total costs that a federal administrative agency may impose through rulemaking.” Trump issued the regulatory budget via executive order in 2017. It included a “one in, two out” rule for new regulations, meaning that two regulations must be repealed for every one passed. “The American Action Forum’s report also estimated that the Trump administration added an average of $10 billion annually in regulatory costs, compared with an annual average of $111 billion during President Obama’s eight years in office,” The Times reported. Those numbers represent over a 90 percent decrease in regulatory costs. On his first day in office, Biden rescinded the executive order despite the private sector largely supporting the regulatory budget. If Biden takes regulatory spending back up to Obama-era levels, it will be over a 1,000 percent increase. Too bad for companies trying to recover from covid. So higher regulatory costs mean more job losses, but Biden does not care about jobs unless they are green jobs. This will also directly hurt earners at the lower end of the spectrum and earners are already being hurt by sharply rising pump prices.

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