It’s no surprise John Kerry is stepping down as climate czar. President Joe Biden’s trillion-dollar green agenda is exploding, and no one is tied more closely to the quickly deflating disaster than John Kerry.
The push toward electric vehicles has failed, with renewable projects like offshore wind farms being canceled and people wary of being told they can’t buy things they want, like incandescent light bulbs and gas stoves. But guess what? Logical people in our country are willing to finally admit the world will continue to run on fossil fuels for the foreseeable future.
Even the elites on Wall Street are tossing in the towel; ESG funds, scorched by their avoidance of gas and oil stocks by high fees, are drying up.
Only last week, Chesapeake Energy announced it would be spending $7.4 billion to buy Southwestern Energy and create what will be the U.S.’s largest natural gas producer. The merged companies will create a continuously growing demand for American gas to supply LNG exports, necessary to loosen Russia’s grip on Europe’s energy.
The acquisition signals Biden’s crackdown on natural gas and oil production has run into a brick wall; much as the White House wants to cater to the climate lobbyists, we need fossil fuels.
President Biden promised our NATO allies that in 2022, America would increase LNG exports to help supply energy needs. While he did so, his confused administration continued to roll out regulations that made generating such supplies more difficult and costly. Only last week, the White House proposed new fines on emissions of methane, part of a broader crackdown that might reportedly make a more substantial number of minor gas and oil wells uneconomic, curbing U.S. production by up to 5%.
Now, the feds are debating whether to allow the construction of another LNG terminal on the Louisiana Coast. Will the climate zealots at the White House decide against it?
Simultaneously, the war in the Middle East is driving home again that energy security is indeed national security; the battle of the government on fossil fuels looks more ridiculous by the minute.
Aggression from Russian President Vladimir Putin and Iran’s mullahs is funded by oil. If there were less money, there would be less to invest in malevolent activities if it weren’t for the Biden White House discouraging U.S. production, which could bring international prices down. U.S. output is now 13.2 million barrels daily, ultimately passing the 13 mb/d peak it reached during the presidency of former President Donald Trump.
However, it would be higher except for the increased fees, delays in leasing, and additional obstacles thrown in the way by Biden’s group.
John Kerry and the president have much to answer for.
If the climate agenda was such a success, why isn’t Biden touting his electric stoves and solar fields instead of shouting that Trump is a threat to our democracy? Kerry will reportedly join Biden’s campaign team and remind voters how successful the president’s climate program has been. Will it boost Biden’s presidential chances?
It’s difficult to imagine John Kerry cheering on the White House’s push for electric vehicles while touring the country. After all, in only the past several days, Hertz decided to sell most of its EV rental fleet — 20,000 cars, to be exact — because they are idling on their lots and are too expensive to maintain.
Americans don’t want to rent or purchase electric vehicles despite the White House doling out ever-increasing amounts of money to make the pricey autos more affordable.
The passage of the massive Inflation Reduction Act, which even the liberal publication The Economist admits is labeled a climate bill “misleadingly,” is considered a substantial achievement by Biden’s team. The $370 billion bill was passed by Dems and failed to garner even one Republican vote.
There is a reason for that. Bloomberg, which is all in on battling climate change, wrote last summer that the “price tag” on the largest-ever climate bill “remains mysterious.” The best guess by Bloomberg is that “the uncapped incentives of the Inflation Reduction Act mean spending…could triple initial estimates and push past $1 trillion.”
Most of the legislation’s spending comes in the “form of uncapped tax credits,” Bloomberg reported. There is “no restriction on how many businesses or citizens can claim new tax incentives made available to support everything from the purchase of electric vehicles to the production of green hydrogen and assembled-in-America batteries.”
Do you see the issue? Like with the $800 billion Payroll Protection Program funding intended to sustain small businesses during Covid, there will almost certainly be significant spillage. Misused PPP funds went to ridiculous things like taxpayer funding the bill for Barbra Streisand’s gardener that keeps up her $20 million mansion in Malibu.
Already, several businesses in the battery and EV battery space have collapsed. Makers of EVs, Lordstown Motors, Proterra, and Electric Last Mile Solutions have all filed for bankruptcy, with a dozen more only hanging on by a thread.
There will be additional failures. The government is an awful judge of what could be commercially successful and will distribute billions to worthless causes.
President Joe Biden receives higher marks on handling climate change than on any other particular issue. Forty-three percent approve in a recent survey conducted by CNN, but few voters rank the issue as high on their priority list.
The jet-setting climate warrior John Kerry, tasked with getting other significant polluters like India and China to commit to reining in emissions, failed at his task of doing just that. Those countries prioritize economic success and growth over saving the planet.
We wish Biden’s White House did the same.