After proposing a federal gas tax holiday, President Joe Biden summoned the heads of seven top oil companies to the White House.
Instead of attending the meeting he called, Biden Snubs Oil Execs, Glad-Hands Wind Companies
President Biden met with offshore wind industry executives Thursday after snubbing oil executives summoned to Washington to come up with “concrete solutions” to combat skyrocketing gas prices.
The wind energy rendezvous, which included senior administration officials, labor leaders, and several East Coast governors, marked the White House’s launch of a new federal-state offshore wind partnership meant to “jumpstart the American offshore wind industry.”
“We’re about to build a better America,” said Mr. Biden, who was seated at the head of the table for the meeting in the Roosevelt Room at the White House.
They plan to deploy 30 gigawatts of offshore wind by 2030, enough power, The White House said, to power 10 million homes.
There are about 130 million US households.
Biden called a meeting to do something about gas prices but failed to show up for his own meeting.
Instead, Biden is working on a plan to supply wind energy to 10 million households by 2030.
Biden's energy secretary, Jennifer M. Granholm, did attend the oil meeting.
Gas Tax Suspension
Biden called for the oil executive meeting one day after he called for 3-month suspension of gas and diesel taxes.
Biden made that call without even consulting his own party.
Newsweek reported Democrats Break With Biden on Gas Tax Pause: 'Shortsighted and Inefficient'.
Biden's calls for a gas tax holiday came after he mentioned the possibility of such a move while speaking Monday to reporters in Rehoboth Beach, Delaware, where he promised to reach a final decision by the end of the week. The president also signaled Monday that he would be open to sending Americans gas rebate cards.
House Speaker Nancy Pelosi would not back the plan. Instead, Pelosi backed a plan to stop price gouging. Her plan passed the House but is headed nowhere in the Senate.
But Biden is sticking with the idea. He said it would help struggling families this summer.
Gas Tax Math
The average car travels about 14,000 miles per year. The average car gest about 24 miles per gallon. The gas tax suspension of 18.4 cents was for three months,
14,000 / 24 MPG = 583 gallons for 12 months
583 gallons * 3 / 12 = 145.75 gallons
145.75 gallons * $0.184 = $26.82
Not all of that would go to the consumer. But assuming 100% of it did, the average person would save about $8.94 per month for 3 months.
How many billions would the government spend developing a gas rebate card proposal?
Joe Biden 2020 Flashback
Joe Biden in 2020: "No more subsidies for the fossil fuel industry. No more drilling including offshore. No ability for the oil industry to continue to drill period. It ends."
Joe Biden 2022
Earlier this year, the president discussed ending sanctions on Venezuela and Iran.
Next month, Biden will travel to Saudi Arabia hoping for a commitment for them to pump more oil.
This week Joe Biden called an oil executive meeting then did not even bother to show up. Instead, he met with wind energy proponents.
Biden's message is unmistakable. He is determined to shut the US oil energy down while simultaneously blasting them for not producing enough oil.
The oil industry would be crazy to expand refining capacity in this set of circumstances.
Anas Alhajji has an excellent 23-Tweet thread worth reviewing.
That's the ending set of Tweets. Inquiring minds might wish to look at them all.
The short term cure for high gasoline prices is a recession to reduce demand. Meanwhile, pumping more oil does not help much due to refining capacity and oil mix issues.
Biden's long-term cure of promoting wind and electric cars is a total unworkable joke.
Also note that Biden's sanction policy is economic madness. It's driving up prices of energy more than the war itself.
For discussion please see Why Are Energy Prices High? Blame President Biden
I've Seen Enough, the US is in Recession Now, Q&A on Why
For my recession outlook, please consider I've Seen Enough, the US is in Recession Now, Q&A on Why
Long term, we seem to be in energy trouble.
This post originated at MishTalk.Com.
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