Radical environmental groups sued the Biden administration on Wednesday, saying that its decision to approve more than 3,500 oil and natural gas drilling permits in New Mexico and Wyoming violated environmental laws by not taking into account the impact on climate change.
They obviously want to make it impossible to drill.
In their lawsuit filed in U.S. District Court in Washington, D.C., the conservation nonprofits Center for Biological Diversity and WildEarth Guardians say the approved oil and gas wells will release as much as 600 million metric tons of greenhouse-gas emissions, worsening climate change and damaging U.S. ecosystems.
The federal permitting agency “has admitted that continued oil and gas exploitation is a significant cause of the climate crisis, yet the agency continues to recklessly issue thousands of new oil and gas drilling permits,” said Kyle Tisdel, climate and energy program director with the Western Environmental Law Center, which filed the lawsuit on behalf of the nonprofits.
THE VERY IMPORTANT 10%
Roughly 10% of U.S. oil and gas production comes from federal land. Most come from state and private land, Wall Street Journal reports.
It’s no small thing as the WSJ would have you believe.
Interior announced in April it would resume onshore oil and gas leases after a federal judge issued an injunction that thwarted President Joe Biden’s efforts in early 2021 to rein in drilling on federal land. Interior announced it would significantly reduce the number of parcels being offered, and make companies pay a higher royalty rate.
Biden himself is increasing pressure on fossil fuel companies to ramp up their capacity – at least in teleprompter speeches.
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On Wednesday, the president penned letters to seven oil refinery companies, urging them to take “immediate actions to increase the supply of gasoline, diesel, and other refined product.”
Is this one of those sly sue-and-settle deals the leftist government likes? That’s just a question since Biden encouraging more drilling sounds absurd given his past actions.
The Petroleum Institute Dealt With It Diplomatically.
The American Petroleum Institute, a top fossil fuel trade group, responded on Wednesday to the letter, saying they “appreciate the opportunity to open increased dialogue with the White House” but that “the administration’s misguided policy agenda shifting away from domestic oil and natural gas has compounded inflationary pressures and added headwinds to companies’ daily efforts to meet growing energy needs while reducing emissions”, CNN reports.
Can you imagine what they say in private?
From what I’ve read, they’re already producing at 94% capacity.
INTEREST RATES ARE GOING UP AND A RECESSION IS COMING
The biggest drivers of inflation are wild spending and destruction of the fossil fuel industry. This is all manufactured and unnecessary.
The Federal Reserve approved the largest interest rate increase since 1994 and signaled it would continue lifting rates this year at the most rapid pace in decades as it races to slow the economy and combat inflation that is running at a 40-year high.
Unfortunately, they aren’t changing Biden’s policies and no one is pushing back on the radicals running Biden’s policies.
Officials agreed to a 0.75-percentage-point rate rise at their two-day policy meeting that concluded Wednesday, which will increase the Fed’s benchmark federal-funds rate to a range between 1.5% and 1.75%.
New projections showed all 18 officials who participated in the meeting expect the Fed to raise rates to at least 3% this year.
The median projection would lift the fed-funds rate to around 3.375%, or by an additional 1.75 percentage point over the following four meetings this year.
Most officials had projected in March that they would raise rates to at least 1.875% this year, says the Wall Street Journal.
Inflation as measured by the consumer price index rose 8.6% on a yearly basis in May. Also, retail sales numbers released Wednesday confirmed that the all-important consumer is weakening, with sales dropping 0.3% for a month in which inflation rose 1%.
The jobs market has been a point of strength for the economy, though May’s 390,000 gain was the lowest since April 2021. Average hourly earnings have been rising in nominal terms, but when adjusted for inflation have fallen 3% over the past year, says CNBC.
Does anyone really believe companies will continue hiring? Biden never fully replaced the jobs lost. We lost ten million and replaced eight million.
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