Natural gas

Today’s progressives like to imagine they're clever when it comes to engineering a carbon-free future. Yet when we look at the record, we see green policies yielding self-defeating public backlashes. The effort by California’s legislature to ban all gas-powered vehicles by 2035, for example, has wreaked havoc on the state’s economy. It's produced not only the nation’s highest energy prices and last summer’s rolling blackouts but the need to import expensive electricity from neighboring states. And while European governments would like to blame Vladimir Putin’s war on Ukraine for their countries’ high energy costs, angry voters know that prices began spiking years ago, when green activists forced the shutdown of coal plants across the continent.

With its new Inflation Reduction Act (IRA), the government is pulling one of those infomercial tricks where they throw in a third bottle of OxiClean ABSOLUTELY FREE! Acting as if the cost of everything hasn’t already been calculated and passed onto the consumer. The IRA, you see, contains a “Methane Emissions Charge” that will impose a $900-a-ton tax on oil and gas producers that will increase to $1,500 after two years. The left is patting itself on the back for their valiant work to cut greenhouse gas emissions drastically by 2030. But here’s the thing: the energy industry is already working hard to cut emissions; it’s in their interest to do so. And when the government fines them for not capturing enough methane, guess who gets to foot the bill?

I, for one, never thought he would do it. I never thought Joe Manchin, who was elected in West Virginia after running an ad in which he literally shot the 2009 cap-and-trade bill, would sign on to Joe Biden's Build Back Better climate agenda. Yet sign on he has. Last night, Manchin announced that after over a year of logjamming Biden's spending plans, he'd struck a deal. The legislation he agreed to weighs in at a ballpark of $700 billion, a sharp climbdown from the $6 trillion Democrats had initially asked for. But it's still a lot of money, and even more importantly, it's a major psychological boost for the left. Now, barring some let-the-world-burn chaos from goth kid Kyrsten Sinema or revolt from House Dems, Build Back Better will be signed into law.

President Joe Biden has lashed out at fossil fuel companies, accusing them of using high gas prices to “pad their profits at the expense of hardworking Americans.” These are the same fossil fuel companies, by the way, that two years ago were charging a measly average of $1.84 a gallon. They’re also the same fossil fuel companies that in 2020 donated $1.6 million to Biden’s presidential campaign. But no matter. If nothing else, Biden’s inveighing against Big Oil takes me back to my more youthful days when progressives were less afraid to run hard against what they called “the polluters.” Back then, every oil derrick was a seething Deepwater Horizon just waiting to explode and blackface the local terns and herons.

Boris Johnson is considering doing something that should be a duty for every leader. In the wake of sanctions poised to disrupt the 8 percent of domestic oil and 18 percent of diesel the UK imports from Russia, Johnson is reportedly toying with the idea of putting his country first and on the road to self-sufficiency by lifting the UK’s moratorium on fracking. The British government banned hydraulic fracturing, or “fracking,” in 2019. Fracking is a method of extracting oil and natural gas by drilling deep underground and fracturing shale rock with a fluid mixture (99 percent water and sand) that allows fossil fuels to flow out, be captured, processed and used to myriad ends (including gasoline).