Biden's "Rewind" on Fossil Fuels Will Tank the Economy, Experts Warn

President Biden's proposed pause on federal permits for new oil and gas projects is being hailed by environmental groups as a victory, but industry experts are sounding the alarm, warning that the policy will choke off energy production and cost Americans dearly.

The policy, announced last month, would halt federal permits for new oil and gas projects on public lands and waters, effectively freezing the development of new fossil fuel reserves. But experts say this move will not only harm the environment but also severely impact the economy, leading to lost jobs, higher energy prices, and increased reliance on foreign imports.

"This is a reckless policy that ignores the reality of America's energy needs," said Dan K. Eberhart, CEO of Canary LLC, a leading oil and gas drilling company. "By targeting the industry, we're taking away the one sector that's driven job growth and economic expansion over the past few years."

According to a report by the American Petroleum Institute, the oil and gas industry supports over 12 million jobs, generates over $1 trillion in economic output, and accounts for nearly 8% of the nation's GDP.

The Biden administration's "pause" on oil and gas permits is part of a broader effort to address climate change. In January, the president signed an executive order aiming to reduce carbon emissions from federal lands, including those used for oil and gas production. While environmental groups have praised the move, it has been met with skepticism from industry leaders.

"We understand the importance of addressing climate change, and the oil and gas industry is committed to reducing its environmental footprint," said Matthew Z. Le Bron, Director of Regulatory Affairs at the U.S. Chamber of Commerce. "However, this approach is not a clear or effective way to reduce emissions. In fact, it's counterproductive."

Critics argue that the pause on permits will simply displace production to other countries, further destabilizing global markets. According to the Energy Information Administration, most U.S. oil imports come from OPEC countries (46%), followed by Canada (37%) and Saudi Arabia (10%).

Another concern is the impact on U.S. employment. Data from the Bureau of Labor Statistics shows that employment in the oil and gas industry has been on the rise since 2016, just before the last major recession. This has included thousands of jobs directly related to federal oil and gas projects.

"Fifty thousand Americans rely on federal offshore energy production for their jobs, and they're going to lose their careers, followed by thousands more connected to the industry's supply chain," Eberhart stressed.

To mitigate potential economic costs, the administration has proposed alternatives such as radical carbon capture and storage (CCS) technologies and renewable energy projects. However, analysts say that these solutions are not ready for prime time and struggling to invest.

"Companies can't put down a million dollars to invest in CCS without understanding what kind of return they'll see," said Mario Rodriguez, a former oil and gas worker turned policy analyst. "These technologies might be promising, but for them to make economic sense, the cost per ton of CO2 captured has to drop dramatically – any guess about this, no one has a single number."

Another point often overlooked is that the oil and gas industry has already started on a path toward being more sustainable. According to Edison Utility Shareholders Association, 75% of U.S. energy companies have raised their emissions reduction targets in response to the Paris agreement, and adoption of renewable resources continues to increase.

Similarly, many oil and gas production companies are committed to reducing their carbon footprint. This is where industry players see innovation, reducing emissions in their existing operations, not shutting them down.

"The best way to decarbonize operations in projects where cleanup is underway would be through interim targets reduction, training specialized workforce and driving technological advances," Thompson Edwin Stephens of Nova thunderForce, added

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