Economy
Biden environmental agenda under fire for increasing costs for Americans
By Casey Harper
The Biden administration’s energy policies are increasingly costly for Americans, a newly released report says.
U.S. House Oversight Committee Chair Rep. James Comer, R-Ky., released the report, which argues Biden’s energy policies have increased costs for Americans and hurt the economy.
“The Biden Administration weaponized the power of the executive branch to wage a war against American-made energy production and cement in place radical, far-left energy policies that jeopardize domestic energy development, overload America’s power grid, and raise costs on all American consumers and businesses,” Comer said in a statement.
In particular, President Joe Biden’s recent pause on liquefied natural gas exports, elevated gas prices, and the aggressive push toward transitioning toward electric energy are among the main criticisms lobbed at Biden.
Comer’s office cites analysis from the right-leaning American Action Forum released in April. AAF reports that in 2024 alone, Biden’s Environmental Protection Agency, as of the end of April, had proposed 38 new rules and finalized 63 rules. According to AAF, those rules total 33,138 pages and will cost the U.S. economy over a trillion dollars.
The report also highlights the cost of pushing America’s energy needs increasingly to the electric grid.
From the report:
Even as use efficiency improves, the U.S. Energy Information Administration projects U.S. utility-generated electricity demand to continue growing at an average annual rate of one percent through 2050. But radical new policies and regulations promulgated by the Biden Administration seek to transform power generation and electricity markets. The Biden Administration is moving to replace highly reliable and affordable existing sources of energy with new sources that are typically less reliable and more expensive. For consumers, the results of these initiatives will predictably be higher costs on utility bills, higher costs for goods and services that consume electricity, invisible energy subsidy costs paid through income and other taxes, as well as economic costs as high electricity prices push some business opportunities overseas.
The White House has cited climate change concerns as it rolled out several policies, including a pause on new export sites for liquefied natural gas.
That LNG pause has been particularly controversial, with a coalition of state and Congressional leaders rallying opposition against it. A lawsuit challenging the constitutionality has been filed by a coalition of states.
Biden’s Department of Energy has defended the decision and stressed that it will not stop any currently existing sales. The White House has also argued that the U.S. is already a leading exporter without new sales.
“Before issuing any new LNG export decisions, DOE is embarking on a transparent process to ensure we are using the most up-to-date economic and environmental analyses to determine whether additional approvals of LNG exports to non-FTA countries are in the ‘public interest,” the DOE said in a February post defending the decision.
Meanwhile, federal climate-related spending has come under fire.
During a news conference last week, U.S. Sen. Shelley Moore Capito, R-W.Va., sparked headlines by exposing that federal funds went to a climate group that was actively supporting the Oct. 7 Hamas attack on Israel, an attack that included rape, killing children, and hostage-taking.
“We went to the website of Climate Justice Alliance. This is what we found on the website that our taxpayer dollars are going to organizations such as this,” she said, referencing a pro-Hamas photo reportedly found on the group’s website.
Comer’s reports come as Biden’s Secretary of Energy, Jennifer Granholm, took questions from lawmakers last week about Biden’s energy policies.
Republicans took her to task for the increased costs Americans are facing. Energy costs have risen over 35% since Biden took office, according to federal data.
During the hearing, Granholm defended her agency’s work, including Biden’s decision to drain the nation’s Strategic Petroleum Reserve earlier in his term to help address soaring gas prices.
“The Administration remains committed to maintaining a robust and well-functioning SPR. In 2022, in response to Russia’s invasion of Ukraine and the resulting disruptions in the oil market, the President directed the sale of 180 million barrels,” Granholm said in her written testimony. submitted to the committee. “The emergency sales provided supply certainty and acted as a bridge until domestic production increased, which in turn helped to mitigate the cost increases for American families.”
Economy
Ottawa’s new ‘climate disclosures’ another investment killer
From the Fraser Institute
By Matthew Lau
The Trudeau government has demonstrated consistently that its policies—including higher capital gains taxes and a hostile regulatory environment—are entirely at odds with what investors want to see. Corporate head offices are fleeing Canada and business investment has declined significantly since the Trudeau Liberals came to power.
According to the Trudeau government’s emissions reduction plan, “putting a price on pollution is widely recognized as the most efficient means to reduce greenhouse gas emissions.” Fair enough, but a reasonable person might wonder why the same politicians who insist a price mechanism (i.e. carbon tax) is the most efficient policy recently announced relatively inefficient measures such “sustainable investment guidelines” and “mandatory climate disclosures” for large private companies.
The government claims that imposing mandatory climate disclosures will “attract more private capital into Canada’s largest corporations and ensure Canadian businesses can continue to effectively compete as the world races towards net-zero.” That is nonsense. How would politicians Ottawa know better than business owners about how their businesses should attract capital? If making climate disclosures were a good way to help businesses attract capital, the businesses that want to attract capital would make such disclosures voluntarily. There would be no need for a government mandate.
The government has not yet launched the regulatory process for the climate disclosures, so we don’t know exactly how onerous it will be, but one thing is for sure—the disclosures will be expensive and unnecessary, imposing useless costs onto businesses and investors without any measurable benefit, further discouraging investment in Canada. Again, if the disclosures were useful and worthwhile to investors, businesses seeking to attract investment would make them voluntarily.
Even the government’s own announcement casts doubt that increasing business investment is the likely outcome of mandatory climate disclosures. While the government says it’s “sending a clear signal to corporate boards and shareholders, at home and around the world, that Canada is their trusted partner for putting private capital to work in the race to net-zero,” most investors are not looking to put private capital to work to combat climate change. Most investors want to put their capital to work to earn a good financial return, after adjusting for the risk of the investment.
This latest announcement should come as no surprise. The Trudeau government has demonstrated consistently that its policies—including higher capital gains taxes and a hostile regulatory environment—are entirely at odds with what investors want to see. Corporate head offices are fleeing Canada and business investment has declined significantly since the Trudeau Liberals came to power. Capital per worker in Canada is declining due to weak business investment since 2015, and new capital per-Canadian worker in 2024 is barely half of what it is in the United States.
It’s also fair to ask, in the face of these onerous polices—where are the environmental benefits? The government says its climate disclosures are needed for Canada to progress to net-zero emissions and “uphold the Paris climate target of limiting global warming to 1.5°C above pre-industrial levels,” but its net-zero targets are neither feasible nor realistic and the economics literature does not support the 1.5 degrees target.
Finally, when announcing the new climate disclosures, Trudeau Environment Minister Steven Guilbeault said they are an important stepping stone to a cleaner economy, which is a “major economic opportunity.” Yet even the Canada Energy Regulator (a federal agency) projects net-zero policies would reduce real GDP per capita, increase inflation of consumer prices and reduce residential space (in other words, reduce living standards).
A major economic opportunity that will increase business investment? Surely not—mandatory climate disclosures will only further reduce our standard of living and impose useless costs onto business and investors, with the sure effect of reducing investment.
Author:
Business
Premiers fight to lower gas taxes as Trudeau hikes pump costs
From the Canadian Taxpayers Federation
By Jay Goldberg
Thirty-nine hundred dollars – that’s how much the typical two-car Ontario family is spending on gas taxes at the pump this year.
You read that right. That’s not the overall fuel bill. That’s just taxes.
Prime Minister Justin Trudeau keeps increasing your gas bill, while Premier Doug Ford is lowering it.
Ford’s latest gas tax cut extension is music to taxpayers’ ears. Ford’s 6.4 cent per litre gas tax cut, temporarily introduced in July 2022, is here to stay until at least next June.
Because of the cut, a two-car family has saved more than $1,000 so far. And that’s welcome news for Ontario taxpayers, because Trudeau is planning yet another carbon tax hike next April.
Trudeau has raised the overall tax burden at the pumps every April for the past five years. Next spring, he plans to raise gas taxes by another three cents per litre, bringing the overall gas tax burden for Ontarians to almost 60 cents per litre.
While Trudeau keeps hiking costs for taxpayers at the pumps, premiers of all stripes have been stepping up to the plate to blunt the impact of his punitive carbon tax.
Obviously, Ford has stepped up to the plate and has lowered gas taxes. But he’s not alone.
In Manitoba, NDP Premier Wab Kinew fully suspended the province’s 14 cent per litre gas tax for a year. And in Newfoundland, Liberal Premier Andrew Furey cut the gas tax by 8.05 cents per litre for nearly two-and-a-half years.
It’s a tale of two approaches: the Trudeau government keeps making life more expensive at the pumps, while premiers of all stripes are fighting to get costs down.
Families still have to get to work, get the kids to school and make it to hockey practice. And they can’t afford increasingly high gas taxes. Common sense premiers seem to get it, while Ottawa has its head in the clouds.
When Ford announced his gas tax cut extension, he took aim at the Liberal carbon tax mandated by the Trudeau government in Ottawa.
Ford noted the carbon tax is set to rise to 20.9 cents per litre next April, “bumping up the cost of everything once again and it’s absolutely ridiculous.”
“Our government will always fight against it,” Ford said.
But there’s some good news for taxpayers: reprieve may be on the horizon.
Federal Conservative leader Pierre Poilievre’s promises to axe the carbon tax as soon as he takes office.
With a federal election scheduled for next fall, the federal carbon tax’s days may very well be numbered.
Scrapping the carbon tax would make a huge difference in the lives of everyday Canadians.
Right now, the carbon tax costs 17.6 cents per litre. For a family filling up two cars once a week, that’s nearly $24 a week in carbon taxes at the pump.
Scrapping the carbon tax could save families more than $1,200 a year at the pumps. Plus, there would be savings on the cost of home heating, food, and virtually everything else.
While the Trudeau government likes to argue that the carbon tax rebates make up for all these additional costs, the Parliamentary Budget Officer says it’s not so.
The PBO has shown that the typical Ontario family will lose nearly $400 this year due to the carbon tax, even after the rebates.
That’s why premiers like Ford, Kinew and Furey have stepped up to the plate.
Canadians pay far too much at the pumps in taxes. While Trudeau hikes the carbon tax year after year, provincial leaders like Ford are keeping costs down and delivering meaningful relief for struggling families.
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