Would you rather pay lower prices than higher prices to heat your home this winter? Well, too bad. Brandon is worried about the climate, what with all those tornadoes and such, so he’s pushing a new tax that’ll raise your heating bill by 16% this winter alone.
Background on the new tax and the cost imposed by it comes from the Wall Street Journal, which reported that the House of Representatives just passed a stealth tax on natural gas. According to the WSJ:
The bill slaps an escalating tax on methane emissions by oil and gas producers that will reach $1,500 per ton by 2025. The fee is meant to be President Biden’s contribution to the recent Glasgow vow to reduce global methane emissions 30% by 2030. The tax is estimated to raise $8 billion over 10 years.
Producers will naturally pass the cost of the tax along to customers…
Even without this new tax, the Energy Information Administration (EIA) is warning that about half of U.S. households that primarily heat with natural gas will pay 30% more this winter than they did a year ago—50% more if this winter is cold. The American Gas Association estimates the methane tax could add another 17% to an average customer’s bill.
The White House painted a much rosier view than the WSJ, saying:
Methane emissions are a major contributor to climate change, which is why President Biden is taking critical, commonsense steps at home to reduce methane across the economy – all while rallying the rest of the world to take similar bold actions.
It then goes on to delve into the specifics of how the new regulations will impact American industry, especially the fossil fuel production and agricultural sectors, essentially framing the regulations it so cheerily announced it “broaden[ed] and strenghten[ed]” as a necessary sacrifice to the angry sun monster that leftists worry so much about. It declined to mention the immense costs the new bill and regulations will impose on US consumers.
And, as the WSJ article notes, the stealth tax imposed by new methane regulations essentially means that Biden’s promise not to raise taxes on those making less than $400,000 was a flat-out lie, as this new cost will affect everyone and raise their heating bills substantially.
Furthermore, while it would have been bad enough in isolation, the new stealth tax comes on the back of Biden’s other anti-energy policies, such as his recent announcement that funding for fossil fuel projects overseas will be cancelled and that it’ll be much more expensive and difficult to get drilling leases on federal land.
So, if your heating or gas bill rises this winter, just remember to blame Brandon; it’s his doing.