The fallout from the colonial pipeline fiasco may be a glimpse of what will happen if President Biden continues his frontal assault on the oil and gas industry.
Fuel shortages, gas lines and higher prices have surfaced on the east coast after hackers took the 5,500-mile Colonial Pipeline offline last week. The pipeline transports more than 100 million gallons of fuel per day, almost half of the supply to the East Coast.
“Shortages will be a normal routine in all of this United States,” Texas Railroad Commissioner Wayne Christian, a Republican whose agency oversees the state’s oil and gas industry, said during the program review. energy from Biden.
Eighty-eight percent of gas stations in Washington, DC were fuel-free as of Friday, according to GasBuddy. At least half of the stations in South Carolina, North Carolina and Virginia were also dry, with Tennessee, Georgia and Florida also experiencing major disturbances.
Supply shortages have driven gasoline prices to $ 7 a gallon at at least one station in Richmond, Virginia. The national average climbed 7 cents to $ 3.04 per gallon, the highest in seven years, since the pipeline was taken out of service last Friday.
Gasoline prices were already on the rise this year, up $ 1.17 per gallon from a year ago, mainly due to increased demand as the economy reopens. lockdowns after COVID-19 were gathering momentum. But the series of executive orders signed by Biden during his early days in government also helped push up prices and aimed to “lift” the US economy out of its dependence on fossil fuels.
The president, hours into his administration, revoked the license for the Keystone XL pipeline and also at least temporarily suspended drilling on federal lands and waters. He also reinstated the United States in the 2016 Paris climate agreement and pledged to reduce greenhouse gas emissions from 2005 levels by at least 50% by 2030. .
COLONIAL PIPELINE HACK PROMISES A BIPARTISAN RESPONSE ON CAPITOL HILL
All with the goal of having the U.S. economy achieve net zero carbon emissions by 2050.
“Policy around pipelines will be driven by safety; it will be driven by responsibility, from a climate point of view and from an economic point of view and you are going to see that in the future as our energy systems go through a lot of changes. Transportation Secretary Pete Buttigieg told Washington Post Live on Friday.
Economic impact is one of the main concerns for states impacted by Biden’s climate agenda.
The Keystone XL pipeline was going to be a “boon” to eastern Montana, said Austin Knudsen, the state attorney general.
Not only is the state losing $ 127 million in annual salaries, but also $ 60 million in annual tax revenue that would be used to fund sheriff’s offices, fire departments, schools and roads. This does not include the economic damage caused by the ban on drilling on federal lands and waters.
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Knudsen and Texas Attorney General Ken Paxton led a coalition of 21 attorneys general in March to prosecute the Biden administration.
The US Constitution gives Congress – not the President – the power of interstate and international commerce. The disputed portion of the Keystone XL pipeline begins in Alberta, Canada, and crosses Montana, North Dakota, South Dakota, and Nebraska.
The legal battle will likely be long, but Knudsen expects to be victorious in the end.
“Congress acted on this in 2011 under President Obama,” he said. “They voted on the Keystone XL pipeline, it went through Congress and President Obama let it come into law. Joe Biden can’t go back in time now and ring that bell. “