As Nation Recovers From Record-High Gas Prices, Biden Moves To Yank Tax Breaks From Oil Industry

Environmentalists claim that policy change is needed to stop oil and gas production.

The 2024 budget of President Joe Biden would remove tax breaks from the fossil fuel sector. Environmental groups fear that this would lead to a decline in oil and gas production.

It provision This comes after families in the United States recover from months under Biden’s record-setting gas prices. For the first time ever, the average cost of a gallon in America for gas last summer was above $5. dropped To $3.47. The average national gas price was only $2.39 before Biden assumed office.

Biden responded quickly to the sky-high price tags by urging Oil and gas companies will increase their production. However, eliminating tax breaks for fossil fuels, such as oil and gas companies, would require them to increase production, according to environmental groups. Greenpeace—a left-wing group working You can find more information here “address the climate crisis” Transform America’s Economy “racist” economy—said The elimination of one oil or gas tax in 2021 “would reduce new oil drilling by 25 percent.” Biden last year stated that such a decrease in gas supply could lead to higher prices. “If we want lower gas prices, we need to have more oil supply right now,” The Democrat said.

Biden touted His budget as a series on Thursday tweetsIt is called a “blue-collar blueprint” That would be great! “make our economy work for the middle class again.” However, the oil and natural gas extraction industry employs nearly 150,000 Americans—jobs that are some of the highest-paid blue-collar positions The country.

The White House didn’t respond to a request for comment.

Biden’s push to eliminate oil and gas tax breaks marks the second time this week alone that the Democrat’s administration has targeted the fossil fuel industry. Biden’s Environmental Protection Agency proposed Wednesday a rule. could force coal plants to close—just months earlier, the White House walked back comments from Biden pledging to shut down coal plants “all across America.”