President Joe Biden is making moves to transition away from affordable energy, a move that has been met with mixed reactions. While the goal of reducing emissions and protecting the environment is commendable, this economic shock – championed by Democrats for decades – could be too costly to achieve in terms of both jobs and prices.
Decades of climate legislation have pushed toward a 100% clean energy economy and have seen a resurgence with Biden’s re-joining of the Paris agreement, revoking permits for Keystone XL pipeline, and signing executive orders prioritizing climate change over production. All these factors will lead to higher prices as renewable resources take over non-renewables such as oil and gas.
Despite their intentions, the Democratic Party seems to have underestimated the consequences that such changes could bring. The cost of transitioning away from affordable energy sources will likely fall on individuals who are already struggling financially due to the pandemic. This includes those in rural areas where inexpensive energy sources like coal are more common than renewable ones like wind or solar power. Even for those who are able to switch to renewables, there could be an increase in electricity bills due to costs associated with maintaining renewable systems or lack access to clean energy options available in cities with fewer restrictions on utilities providers.
Not only do these changes impact everyday people, but industries may suffer as well. Businesses rely on access to affordable electricity and natural gas for operations, meaning increased costs could lead to reduced profits or services being cut due to inability cover overhead expenses. As a result, some jobs may be lost too or wages may be frozen until companies can adjust their budgets accordingly.
To make matters worse, the Department of Energy recently released $3.5 billion for direct air capture technologies which is intended reduce carbon dioxide emissions without sacrificing affordability or availability of fossil fuels worldwide – but even this move suggests a preference towards more expensive solutions rather than finding lower cost alternatives that don’t put unnecessary strain on individuals’ finances or businesses’ bottom lines.
It is understandable why President Biden would want to transition away from using valuable fossil fuels in order reduce emissions – yet doing so at the expense of individual’s livelihoods doesn’t seem justifiable given our current economic circumstances exacerbated by the pandemic. It is important that we protect our environment and transition away from non-renewable resources at some point; however it should not come at such significant economic cost when other options exist which can help us achieve our goals while still allowing people access affordable energy rates and enabling businesses operate sustainably without having undue financial burden placed upon them in order do so .
