Biden Scolds Oil and Gas Companies for Not Drilling Enough
One of the most bizarre moments of last night’s State of the Union address was President Joe Biden chastising oil and gas companies for returning capital to shareholders rather than investing in new production.
This was strange on many levels. First and foremost, Democrat officials have spent the better part of a decade attempting to reduce or eliminate investment in fossil fuel production. Take Sarah Bloom Raskin, who Biden tapped to be the Vice Chair for bank supervision at the Federal Reserve, a position considered the second most powerful at the central bank. She is perhaps the most prominent of Democrats who have claimed that investing in fossil fuels is especially risky — they call it “transition risk” — because climate change concerns might suddenly cut off demand for fossil fuels.
Biden also sought to install radical professor Saule Omarova as Comptroller of the Currency, which would have made her…
