Lubbock Times

House Budget Committee Chairman Jodey Arrington (R-TX) delivered opening remarks at a hearing titled “The Cost of the Biden-Harris Energy Crisis” on September 19, 2024, in Washington, D.C.

"Our hearing today focuses on the fiscal cost and economic consequences of the Biden-Harris Administration's failed economic and energy policies. Those costs have been significant and measurable, and the consequences have been manifold and dire," stated Arrington.

He criticized what he described as a "whole government regulatory attack on conventional fuels," citing increased taxes on oil and gas, along with green energy subsidies. According to Arrington, these measures have negatively impacted the economy and working families while compromising national security by increasing reliance on foreign adversaries.

"The Biden-Harris Administration has issued 250 executive actions against one industry, an industry that employs 10 million people with high-wage jobs and represents almost 10 percent of our total economy," he noted. He emphasized the industry's role in producing reliable, affordable energy through innovative practices.

Arrington argued that current energy policies are driven by an "extreme climate agenda" leading to higher gas prices and increased electricity costs for families. He claimed these policies have resulted in an additional $1,700 per year in expenses for average-income families compared to the previous administration.

He pointed to President Biden's cancellation of the Keystone XL Pipeline as a significant loss in transportation cost savings and safety improvements worth $50 billion. Additionally, he highlighted other infrastructure impacts such as export terminals, refineries, and pipelines affected by policy changes.

"Biden-Harris’s moratorium on drilling on public lands will cost $33 billion in lost GDP and roughly 60,000 jobs," Arrington asserted. He also mentioned emission regulations from the EPA affecting industries despite reductions in methane gas emissions over recent years.

Arrington discussed financial implications related to electric vehicle mandates costing $870 billion over two decades and depletion of strategic petroleum reserves now at a 40-year low. He criticized tax subsidies for green energy corporations amounting to $800 billion, suggesting that much of this benefit would accrue to China due to their role in rare earth mineral mining.

"The fiscal health of our country is in decline," he said. Highlighting debt-to-GDP ratios higher than post-World War II levels, Arrington called for spending cuts alongside growth-oriented policies centered around effective energy strategies.

"We must make a change if we're going to get our country on a good fiscal path," concluded Arrington.