FILE- This July 29, 2020 photo shows an oil rig in Midland, Texas. U.S. wholesale prices shot up an unexpected 0.6% in July, biggest gain since October 2018 on a big increase in energy prices. The Labor Department said Tuesday, Aug. 11, that the jump last month in its producer price index — which measures inflation before it reaches consumers — followed a 0.2% drop in June. (AP Photo/Tony Gutierrez, File)
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UPDATED 9:00 AM PT – Monday, August 24, 2020
While some believe the Green New Deal‘s intentions of cleaning up the environment are noble, such a drastic change in oil usage could have disastrous effects on the American economy and affordable energy.
Former Vice President Joe Biden made his energy policy clear when he was asked about his ideas on fracking, a controversial form of oil production, which amid all of it’s shortcomings has drastically increased U.S. energy independence.
“No more drilling on federal lands…no more drilling, including offshore,” Biden stated. “No ability for the oil industry to continue to drill, period. Ends!”
The Democrat presidential nominee’s running mate, Sen. Kamala Harris (D-Calif.) co-authored a piece of legislation called the Climate Equity Act with New York congresswoman Alexandria Ocasio-Cortez (D), which has been deemed the first step towards implementing a Green New Deal aimed at having the U.S. reach a net zero in greenhouse emissions.
By comparison, the Trump administration has prioritized energy independence as a reason for some deregulation on energy producers, which could eliminate much of the U.S.-Middle East intervention.
President Trump has made an effort to remove overseas troops in recent years. However, he has met push-back from members in Congress on both sides of the aisle who claim he needs to somehow prove these actions will not hurt U.S. or international allied interests.
All of these actions come as the president has made the U.S. one of the top oil producing countries in the world for the first time since the 1960s. Additionally, over the last four years during the Trump presidency, electric vehicle production in the U.S. has increased by nearly 400-percent.
On this current trend the U.S. is slated to eliminated it’s reliance on foreign oil while also propping up businesses which produce energy efficient technologies that ultimately help the environment.
In contrast, a Biden-Harris administration looks to eliminate all U.S. oil production, in turn, making America completely reliant on countries like Saudi Arabia. This is a strategy which has regularly proven to motivate American intervention in the Middle East.
If a Biden-Harris administration really does want stop producing oil and remove troops from Iraq and Afghanistan then they have one major problem to address. The U.S. dollar has been backed by petroleum production in Saudi Arabia since the early 70s, meaning every drop of oil produced is bought by American greenbacks. This is known as the petrodollar.
However, a removal of troops would inevitably destabilize the region and threaten the American economy dramatically. According to the Rand Corporation, the only way to counteract such a withdrawal would be increasing American oil production. This is a policy already in place by the Trump administration.
In contrast, a Biden administration looks to eliminate American drilling, which would either force them to prolong American presence in the Middle East or tank the U.S. economy.
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