December 10, 2021
Build Back Better -- How to Destroy a National Economy
By David Boleneus
Reaching Net Zero by expanding renewables is incompatible with the Build Back Better legislation now being considered in Congress. The U.S. needs mining and petroleum to source key materials in order to remain healthy and productive. The Build Back Better proposal now being considered in the U.S. Senate (BBB HR5376 was passed in the House of Representatives on November 19, 2021) is antithetical to achieving goals of IIJA and success of a renewable energy system. If passed, BBB would prevent access to and add cost to or prevent producing inexpensive oil and mining products.
Impact on U.S. Business that Assist Renewables
The BBB imposes serious damage on the U.S. energy and raw materials infrastructures. BBB cancels leases issued by the Trump Administration and outlaws drilling on the Outer Continental Shelves of the U.S. Atlantic, Pacific, and Gulf Coasts despite leases previously issued and despite untapped reserves known. Oil and natural gas supply over 80 percent of the world's energy, yet the BBB repeals leases on the ANWR on the North Slope of Alaska. BBB will end noncompetitive leasing on federal lands which for decades encouraged independent oil finders to aid the search for and produce oil. The BBB increases the minimum bid on new federal leases to $10 per acre from $2. The act adds severe penalties for not capturing methane produced with natural gas and increases royalties on oil produced from 12.5% to 20% and then to 25% after which royalties accelerate with inflation without a ceiling rate. BBB reduces leasing terms from ten to five years, greatly impeding development. New costs add to taxes on production and severance already in place by each state.
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https://www.americanthinker.com/articles/2021/12/build_back_better__how_to_destroy_a_national_economy.html
