People are watching Democratic candidates, listening critically to what they say in the 2020 Free Stuff Primary.
As part of her environmental vision, Senator Elizabeth Warren tweeted the following: “On my first day as president, I will sign an executive order that puts a total moratorium on all new fossil fuel leases for drilling offshore and on public lands. And I will ban fracking - everywhere.”
As a geologist who’s worked in the petroleum industry for 35 years, I feel it’s only fair that people understand the consequences of her promises, consequences which would be immediate and mostly unavoidable.
For the first time in decades, the U.S. is almost energy independent due to opening up federal leases for drilling and developing new technologies like directional drilling and fracking. This means we aren’t vulnerable to blackmail by oil-rich Middle Eastern nations.
Unfortunately, an inescapable part of Warren’s vow is that oil and natural gas prices would also rise dramatically, probably almost overnight.
Russia, China, Venezuela and Iran would be the first benefiting from Warren’s policies, if she is elected president Russia’s economy depends upon oil exports. As oil prices rise, Vladimir Putin would be handed additional hundreds of billions of dollars, ensuring Russia’s continued expansion of global policies directly in conflict with the West.
Warren’s plans would support Venezuelan dictator Maduro, who also relies on producing and exporting oil at a price supporting his government. It would expand China’s influence by increasing the value of Beijing’s investments in the Russian energy sector as well as its 49 percent stake in Venezuela’s state-owned oil company.
Iran holds the world’s second-largest natural gas reserves and fourth-largest oil reserves. Warren’s policies would immediately help the Iranian economy, increase the Mullah’s stranglehold over the Iranian people, fund global terrorist actions in general and specifically support terrorist attacks on Egypt, Libya, Israel, Saudi Arabia, Kuwait and Bahrain.
Under President Trump, the U.S. oil flooding into Europe is hurting both Russia and OPEC at the same time.
If a President Warren followed through on her promises, U.S. energy policies and associated global strategies would be set back 20 years, as we again became dependent on OPEC.
From this, we should also expect increased U.S. military involvement in the Middle East.
Domestically, increased energy costs would destroy any growth we’re seeing in American wages and once more drive industrial manufacturing out of the U.S.
At the same time, her plan would drive up the price of electricity in America, further hurting the U.S. middle class.
Giving control of oil prices back to Russia, OPEC and Iran would mean a spike in U.S. gas prices to pre-Obama levels.
With the increased cost of diesel, transportation costs would jump as would U.S. food prices, as massive inflation hits the least-stocked and fastest-consumed categories first.
The economic impact would decrease the ability of consumers to spend on other goods. And since our economy is about two-thirds dependent on consumer spending, we would see an economic contraction similar to what Canada is currently experiencing.
Elizabeth Warren promises to deliver these results in the first 24 hours of her administration.
Keep this in mind when you vote in 2020.