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Biden scolded oil and gas companies for returning investments to shareholders rather than investing in new development. It doesn’t make sense after Democrats have screamed for a decade about reducing oil and gas usage. His appointees have all discouraged investment and production in the fossil fuel industry. This includes Sara Bloom Raskin, one of the powerful executives in the central bank
Biden is bizarre
He tried to install Saule Omarova as Comptroller of the Currency, a powerful position in bank regulation. Omarova has been in favor of policies that would bankrupt the fossil fuel industry and redirect funds to green energy.
Those who the president has appointed to the Security and Exchange Commission have been in favor of rules that would make companies do extensive climate change disclosures. These disclosures would discourage investment in oil and gas.
The Biden administration lectures
When banking executives go before Congress they’re scolded, subjected to tirades about providing funds to the oil and gas industries. Last September Rashida Tlaib insisted that fossil fuel production needed to halt completely to keep the global temperatures from rising more than 2.7 degrees in the next decades.
A variety of Democrat leaning pressure groups are constantly shaming financial institutions to keep them from helping the oil and gas industry. One of the most influential groups thought governments across the globe should “prohibit all financing for all fossil fuel expansion projects and for all companies expanding fossil fuel extraction and infrastructure along the whole value chain.”
Biden hasn’t corrected any of this
His own party denied him both Bloom Raskin and Omarova. The S.E.C. may back off on the fossil fuel section of those climate change disclosure rules. Financial institutions are walking away from leftist coalitions that maligned oil and gas.
The administration is showing their energy insecurity. We still need fossil fuels. The Democrat party and allies might need to either clean house or scale back the rhetoric before yelling at oil and gas to “do the right thing”. The President himself said in the same speech that “We’re still going to need oil and gas for a while. We’re going to need oil for another decade.” Get your message straight.
