President Biden’s green energy agenda has significantly increased gas prices, threatened power grid stability, and imposed $1 trillion in new regulatory costs on businesses and consumers, according to a new report from the House Oversight and Accountability Committee. The report criticizes the Biden administration’s aggressive push to end fossil fuel use and eliminate greenhouse gas emissions, arguing that this strategy has damaged the economy and burdened consumers who are already dealing with high inflation and rising housing costs.
Under Biden’s administration, gas prices surged from $2.39 per gallon when he took office to a record high of over $5 per gallon in June 2022, with the current average at $3.54 per gallon. To combat these high prices, Biden has tapped into the nation’s emergency oil reserves twice. The Republican-led committee attributes these increased costs to Biden’s energy policies, including the cancellation of the Keystone XL pipeline permit and a moratorium on new oil and gas leases on federal land from his first day in office.
