President Biden’s disastrous Green New Deal policies are stoking a trade war with key U.S. allies and will only result in skyrocketing energy costs, slowing economic growth, and a decrease in investment for American businesses.

American families are already suffering in President Biden’s cruel economy, but the Biden Administration’s taxpayer-funded Green New Deal subsidies are liable to make them worse as they damage relations with key trading partners by essentially shutting American allies out of U.S. energy markets. 

READ: Brady Blasts President Biden’s Call for Higher Energy Prices Through New Taxes on American Energy Producers

KEY TAKEAWAYS:

The Biden Admin’s climate policies are damaging the U.S.’s relationships with major allies, stifling economic growth at home.

• Democrats’ $25 billion energy tax hikes will slash U.S. energy production and raise costs for families, according to analysis from the nonpartisan Congressional Budget Office (CBO). 
• Prices at the pump will also go higher as the $12 billion superfund tax hike gets passed along to drivers.
• “The West’s climate policies are already harming consumers and slowing economic growth by raising energy prices and distorting investment. Now they are threatening a trade war that will cause more harm. The new climate protectionism won’t end well,” writes the Wall Street Journal editorial board, in a new editorial.

READ: President Biden Doubles Down on His War on American Energy

Energy costs are skyrocketing with no end in sight.

• NBC News reports: “Nearly half of U.S. households use natural gas to heat their homes, and they will spend 28 percent more to do so this winter. […] Those who use heating oil […] will spend 27 percent more — barring a colder forecast — and homes that primarily use electricity and propane will pay 10 percent and five percent more.”
• The northeast U.S. is particularly vulnerable to higher heating costs, due to the region’s “limited gas pipeline capacity and [reliance] on diesel for heat.”
• National inventories stand at the lowest in 40 years, and prices for diesel have almost doubled in the last year. As reported by Bloomberg: “The U.S. has just a 26-day supply of heating oil to draw on, the smallest store for this time of year in at least three decades.”
• U.S. refineries are pumping out a million fewer gallons of diesel fuel with fewer refineries than before the pandemic, and the U.S. has not opened just one new oil refinery since 1977. 

READ: Families Who Want to Stay Warm This Winter Will Pay Highest Energy Bills in 25 Years

READ: Report: Northeast Region is Rationing Oil Ahead of Winter Heating Crisis

Biden’s climate policies crush U.S. manufacturing jobs while giving handouts to green corporations.

• When President Biden rammed through $300 billion in higher taxes, the bulk of it fell on Made-in-America manufacturing. 
• Independent experts have noted Biden’s so-called “Inflation Reduction Act” will have zero impact on inflation, instead allowing corporations to purchase new electric vehicles and trucks on taxpayers’ dime. 
• Democrats are providing greenwashed big businesses with an exclusion from the book minimum tax, while the typical American manufacturer faces a higher tax bill.

READ: Fact Check: Manchin-Biden Bill Loaded with Special Interest Giveaways