President Joe Biden on Wednesday reiterated his call to end tax breaks for fossil fuel companies, a policy proposal that would remove incentives for U.S. oil firms to boost production at a time when gas prices in the United States have soared to seven-year highs and are projected to continue their skyward climb.
Article from our partners at The Epoch Times.
Speaking at McHenry County College in Crystal Lake, Illinois, near Chicago, Biden said, “If we end tax breaks for fossil fuels and make polluters pay to clean up the messes they have made, that would raise $90 billion.”
“I’m not asking them to do anything that is unfair. Just not going to subsidize them anymore,” he added.
Biden appeared to be referencing provisions in his $6 billion budget proposal for fiscal year 2022 (pdf), which seeks to repeal 13 different credits, deductions, and other special measures that are targeted towards encouraging oil, gas, and coal production.
“These oil, gas, and coal tax preferences distort markets by encouraging more investment in the fossil fuel sector than would occur under a more neutral tax system,” the proposal states. “This market distortion is detrimental to long-term energy security and is also inconsistent with the Administration’s policy of supporting a clean energy economy, reducing our reliance on oil, and reducing greenhouse gas emissions,” it added.
A Treasury Department report (pdf) on Biden’s “Made In America” tax plan estimated that eliminating the subsidies for fossil fuel companies would boost government tax receipts by more than $35 billion in the coming decade, while citing research suggesting this would have “little impact on gasoline or energy prices for U.S. consumers and little impact on our energy security.”
Biden’s remarks come as many economists have been raising the alarm about inflationary pressures and as gas prices have surged across the nation to levels not seen since 2014. As of July 5, the national average for a gallon of regular gasoline has risen to $3.22, a seven-year high, according to the U.S. Energy Information Administration.
Patrick de Hann, head of petroleum analysis for GasBuddy, told Fox News in a recent interview that he believes U.S. drivers are unlikely to see relief from high gas prices anytime soon, predicting that the typical seasonal decline in prices won’t kick in until October, and when it does, it will be modest.
Asked whether Biden’s climate change policies were driving gas prices higher, de Haan said it’s unclear whether that’s a factor in the short-term, but in a longer time horizon, he predicted that “absolutely, the Biden administration’s push to go green will probably have more of an impact.”
Since taking office, Biden has canceled permits for the Keystone XL pipeline and paused leases for new oil and gas drilling on federal lands, while vowing to end fossil fuel subsidies and to lower U.S. greenhouse gas emissions by 50 percent by 2030.
Republicans have blamed Biden and his policies for the rise in gas prices.
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“As millions of Americans travel this holiday weekend, they are feeling the cost of Biden’s policies at the pump,” Republican National Committee Chair Ronna McDaniel wrote in a July 3 Twitter post. “Gas prices are at their highest level in 7 years.”
“Bad policy is already creating conditions like higher gasoline prices that we haven’t seen in a very long time,” Sen. John Barrasso (R-Wyo.) wrote in a July 2 op-ed, pointing to White House policies that he warned would undermine American energy independence.
Barrasso said the Biden administration’s “hostility to U.S. energy companies and workers that provide four-fifths of our energy is unprecedented.”
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New Conservative Network Seeks Crowdfunding Help
They say we have to go big or go home. We’re trying to go big and bring the patriotic truth the the nation, but we need help.
Readers may or may not realize that over the past year, we’ve been bringing more conservative news and opinion outlets under our wing. Don’t take our expansion as a sign of riches; all of the “acquisitions” have been through sweat and promises of greater things to come for all involved. As a result, we’ve been able to bring together several independent media sites under a unified vision of preventing America from succumbing to the progressive, “woke,” Neo-Marxist ideologies that are spreading like wildfire across America.
The slow and steady reopening of America is revealing there was a lot more economic hardship brought about from the Covd-19 lockdowns than most realize. While we continue to hope advertising dollars on the sites go up, it’s simply not enough to do things the right way. We are currently experiencing a gap between revenue and expenses that cannot be overcome by click-ads and MyPillow promos alone (promo code “NOQ” by the way).
To overcome our revenue gap and keep these sites running, our needs fluctuate between $3000-$7000 per month. In other words, we’re in the red and hemorrhaging.
The best way you can help us grow and continue to bring the truth to the people is by donating. We appreciate everything, whether a dollar or $10,000. Anything brings us closer to a point of stability when we can hire writers, editors, and support staff to make the America First message louder. Our Giving Fuel page makes it easy to donate one-time or monthly. Alternatively, you can donate through PayPal as well.
As the world spirals towards radical progressivism, the need for truthful journalism has never been greater. But in these times, we need as many conservative media voices as possible. Please help keep NOQ Report and the other sites in the network going.
Thank you and God Bless,
Will America-First News Outlets Make it to 2023?
Things are looking grim for conservative and populist news sites.
There’s something happening behind the scenes at several popular conservative news outlets. 2021 was bad, but 2022 is proving to be disastrous for news sites that aren’t “playing ball” with the corporate media narrative. It’s being said that advertisers are cracking down, forcing some of the biggest ad networks like Google and Yahoo to pull their inventory from conservative outlets. This has had two major effects. First, it has cooled most conservative outlets from discussing “taboo” topics like Pandemic Panic Theater, voter fraud, or The Great Reset. Second, it has isolated those ad networks that aren’t playing ball.
Certain topics are anathema for most ad networks. Speaking out against vaccines or vaccine mandates is a certain path to being demonetized. Highlighting voter fraud in the 2020 and future elections is another instant advertising death penalty. Throw in truthful stories about climate change hysteria, Critical Race Theory, and the border crisis and it’s easy to understand how difficult it is for America-First news outlets to spread the facts, share conservative opinions, and still pay the bills.
Without naming names, I have been told of several news outlets who have been forced to either consolidate with larger organizations or who have backed down on covering certain topics out of fear of being “canceled” by the ad networks. I get it. This is a business for many of us and it’s not very profitable. Those of us who do this for a living are often barely squeaking by, so loss of additional revenue can often mean being forced to make cuts. That means not being able to cover the topics properly. Its a Catch-22: Tell the truth and lose the money necessary to keep telling the truth, or avoid the truth and make enough money to survive. Those who have chosen survival simply aren’t able to spread the truth properly.
We will never avoid the truth. The Lord will provide if it is His will. Our job is simply to share the facts, spread the Gospel, and educate as many Americans as possible while exposing the forces of evil.
To those who have the means, we ask that you please donate. We have options available now, but there is no telling when those options will cancel us. We have our GivingFuel page. There have been many who have been canceled by PayPal, but for now it’s still an option. Your generosity is what keeps these sites running and allows us to get the truth to the masses. We’ve had great success in growing but we know we can do more with your assistance.
Thank you, and God Bless!
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