Without a doubt, America is experiencing an energy crisis.
With expectations that demand would increase as the world recovered from the pandemic, oil prices jumped by over 50% at the beginning of Joe's tenure, but they have already lost most of those gains.
Since the bearish run started for fossil energy stocks, investors worry about central bankers' attempts to slow the economy and the potential effects on demand worldwide.
Crude oil prices rose by 45% between January 2021 and January 2022, breaking the previous high set in 2008. Simply put, the cost of gasoline and diesel was at its highest level ever; since the Energy Information Administration began keeping track in 1993, Prices for natural gas were up 46%. On average, residential electricity prices haven't increased this much since 2008.
Even coal prices are rising after years of reduction due to democrats' rushed green energy policy.
According to basic economic theory, the best remedies for high pricing and strong demand are more supply and innovation.
However, Biden has consistently resisted policy changes that would enable American firms to do this and has instead turned to substitutes that have baffled both local and international energy investors.
Many people wonder why such obvious options are being denied in light of the president's decision to attempt to negotiate Venezuelan oil imports rather than host license sales for power generation on federal lands and oceans as required by law.
While draining taxpayers to increase subsidies for renewable energy R&D, investment, manufacturing and production, and infrastructure, the government continues to push policies that obstruct future oil, coal, and natural gas exploration, processing, distribution, and financing.
Based on this, Biden's concept of "energy independence" is more or less a fantasy.
While he chases it, American investors may continue to bear the brunt. Only a few with tangible investments in green energy may be favored over millions of investors with funds in underperforming energy stocks linked to fossil fuels.