Soaring diesel prices spells bad news for America
by Rep. Byron Donalds (R-Fla.), opinion contributor - 05/19/22 11:00 AM ET
Over the past year and a half, fuel prices have seen record increases and among those is the skyrocketing price of diesel. Diesel is holding steady above $5.57 per gallon compared to one year ago when prices hovered just over $3.17 per gallon. Understandably, many Americans look at this increase as a reminder of historic inflation alongside astronomical prices for gas, groceries, lumber, automobiles, and the list goes on. Although this drastic surge in the price of goods and services is undoubtedly painful for countless Americans, the record cost of diesel is a crisis in and of itself.
Despite the attempts to undermine and slash America’s vast energy industry, there is no escaping the reality that America runs on oil and gas. Our economy depends on this fuel type—from tankers, trains, trucks, manufacturing, farming, and mining industries to the goods and services they support. Without diesel, America’s economy collapses—full stop. Considering the strong impact this commodity plays in our day-to-day lives, it’s time to discuss what outrageously high diesel prices mean for our economy. Unfortunately for Energy Secretary Jennifer Granholm and Transportation Secretary Pete Buttigieg, their tone-deaf message to go electric won’t work well for those that are currently feeling the pain at the diesel pump. Many on the left seriously think that higher energy prices are good for America. Don’t take my word for it—listen to the rhetoric of prominent Democrats and, more importantly, judge their actions (or lack thereof). For decades the climate change lobby has waged an aggressive war on America’s energy industry, and they finally have a puppet in power to enact their radical anti-American energy policies on a national scale.
Since Day One, the Biden-Harris administration has kissed the ring of the extremist Green New Deal movement. In return, America’s energy industry is collapsing before our very eyes. By canceling the Keystone XL pipeline, refusing to approve oil and gas leases, raising energy production royalties, and seeking oil from adversaries, American energy is under assault. Sadly, for American businesses, the job still needs to get done—which means higher prices for them and subsequently, higher prices for you. Economics 101 tells you that while many businesses attempt to eat increased costs, the reality is the increased burden will eventually fall on the consumer. According to UBS, diesel and jet fuel at New York harbor is currently trading at above $280 a barrel. Further, a number of experts say that this average price per barrel is more than just off the walls, but out of this world. Numbers like these equate to one thing for you and me: get ready for even higher prices at the pump and for everyday life.
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https://thehill.com/blogs/congress-blog/3494194-soaring-diesel-prices-spells-bad-news-for-america/