As Gas Prices Fall, Republicans Are Lying About Joe Biden's Energy Policy

Exxon is now spending big to raise oil and gas production by 500,000 barrels a day by 2027. It is selling assets in Africa and the Middle East and plans to expand in the Permian Basin of New Mexico and West Texas — and elsewhere in this hemisphere. The U.S. has just granted Chevron a new license to again pump oil in Venezuela.

Measuring energy independence by exports-minus-imports, 2021 saw our highest level of energy independence in history. Biden was president, then, as well.

Is Biden set on moving us to new low-carbon technologies? He is, and Exxon and Chevron say they are planning to expand in that direction, too. We can assume they know the energy business.

Natural gas prices in Europe have fallen below what they were before Russia invaded Ukraine. Fears that cutoffs of Russian energy would freeze much of Europe this winter have not materialized. Why? Because giant ships carrying U.S. liquefied natural gas (LNG) are sailing to Europe from ports in Louisiana and Texas.

"U.S. LNG has become a foundation for European energy security," said energy historian Daniel Yergin. Warmer weather helped reduce demand, for sure, but American natural gas more than met the demand.

The United States is now the world's biggest producer of natural gas. Cooling it to a liquid state makes it a lot easier to transport long distances.

LNG shipments to Europe more than doubled last year. As a result, gas storage facilities in Germany, once very dependent on Russian natural gas, are now near full. And lower energy prices helped France's inflation rate fall to 6.7 percent.

America's biggest LNG terminal is located near the Sabine Pass River, between Louisiana and Texas. There are others in Louisiana, with more on the way. U.S. exporters enjoyed record revenues in 2022, meanwhile, and expect more of the same this year.

If Scalise and his Republican colleagues limited their complaints to Biden's border policy, they might have had a point. But they kept beefing about rising gas prices that were actually falling — and higher food prices that were also going down. Not distinguishing yesterday's news from today's news is something we've gotten used to. We don't expect much in the way of updates tomorrow.

But Joe Biden is definitely president. And there is zero evidence of his "shutting down" American energy, at least for those of us stuck in the world of reality.

Frequently Asked Questions (FAQ)

What is Joe Biden's energy policy?

Ans: President Joe Biden has outlined a comprehensive energy policy to transition the United States to clean, renewable energy sources while creating jobs and addressing climate change. This includes a plan to invest in energy-efficient infrastructure, electrify the transportation sector, and increase the use of clean energy sources such as wind and solar power.

What has the Republican Party said about Joe Biden's energy policy?

Ans: Some members of the Republican Party have criticized President Biden's energy policy, claiming that it will lead to higher gas prices and harm the economy. However, these claims are not supported by the facts. In reality, gas prices have declined under President Biden, and his energy policy is expected to create jobs and stimulate economic growth.