For years now, the Biden administration has worked tirelessly to bring an end to oil and gas. How have these efforts affected America?

From Committee to Unleash Prosperity. A new study released by the Committee to Unleash Prosperity highlights the true cost of The Biden administration and the far left’s war on oil.

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The findings are stark. U.S. oil production has fallen short by 1-5 million daily barrels compared to previous trends, resulting in at least 2.4 billion barrels of missing oil from markets between 2021 and the end of 2023. The reduced output has also led to a cumulative GDP loss of approximately $250 billion.

The Biden administration has pledged to eliminate U.S. oil and gas production over the next two decades as part of its climate change strategy. Actions taken include canceling pipelines, reducing drilling on public lands, and imposing stringent environmental standards, which have collectively increased the cost of drilling. Additionally, new climate change legislation has introduced new taxes on the oil and gas industry.

Stephen Moore, Co-Founder of the Committee to Unleash Prosperity commented, “American energy independence is critical to a prosperous US economy, national security, and global peace and stability.

This report makes it clear that the left’s radical agenda, led by Biden’s policies, are self-inflicted wounds that are directly contributing to the current economic challenges and rising energy costs hurting millions of working Americans across the country.”

Conversely, President Biden has repeatedly claimed he is “doing all I can” to reduce gas prices at the pump, asserting that the U.S. is nearing “record levels” of oil and gas production. This study examines the real impact of these policies when adjusted for the significant rise in global oil prices and the anticipated upward trends in supply prior to Biden’s tenure.

“Biden’s anti-energy policies have not only hampered our domestic production but have also enriched major oil producers in Asia and the Middle East,” said Casey Mulligan, Ph.D., Professor in Economics at the University of Chicago and Senior Fellow at the Committee to Unleash Prosperity. “These countries are benefiting from higher global oil prices and increased pricing power due to reduced U.S. shale activity.”

To read the full report, click here.

For more information or to schedule an interview with Stephen Moore or Casey Mulligan, please contact Matt Schuck.

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(Press release from Committee to Unleash Prosperity. Photo Credit: Jared Evans on Unsplash)