Hard-Working Americans Left in the Dust
When you ask pipeline workers like Obed Camacho about President Biden's energy agenda, the fear in their voices is palpable. Camacho, an employee at Houston's Troy Construction which employs 3,000 in the pipeline industry, worries "I just recently bought a house, so I got a mortgage, and then I got a truck payment. I got to take care of a little one, diapers."
Camacho is far from alone. Across America's energy heartland, tens of thousands who built longstanding careers in oil and gas now face grim prospects. Biden's relentless push for renewable energy has sent shockwaves through their industry and communities.
At Troy Construction's headquarters, CEO Taylor Dacus makes no effort to hide the damage done. "About half of our business is gone, right out of the chute," he laments. Dacus' workers, the backbone of America's energy renaissance, are dismayed at being seemingly abandoned.
One of Camacho's colleagues is defiant yet worried: "I'm good at my job. I want to stay doing it. And, I'd like to see them get a job, doing something else, because they're not very good at theirs." Another sees no viable alternative after decades in oil and gas. "In my eyes, it's a little too late to switch...We live to do what we do, and we like it, and we're proud of it."
Even skilled tradesmen like former Keystone XL pipeline welder Lynn "Bugsy" Allen, who spent 35 years honing his craft, have been left adrift by Biden's policies. "I ain't going to go try to get a green energy job. They don't pay good at all," Allen stated plainly, adding "It ain't even close to what we make. I'm barely getting by. There's a whole lot of guys like me."
The Unrelenting Agenda Against Fossil Fuels
So what is driving this unfolding devastation for America's energy workers? It stems from the administration's prioritization of renewable power as the future, hastening the transition away from oil, gas, and coal.
Biden's signature Inflation Reduction Act epitomizes this agenda, pouring billions into green energy with the stated goal of creating 10 million new jobs in that sector. Yet over half a year later, only 211,000 such positions had been created according to Climate Power estimates.
Meanwhile, established energy firms have been repeatedly targeted by White House policies. The high-profile cancellation of the Keystone XL pipeline project cost thousands of union jobs literally overnight. More recently, Biden paused approvals for any new liquefied natural gas (LNG) export projects.
Ironically, this latter move could actually worsen global emissions in the long run. As economist Liz Peek highlighted, "increased LNG exports from the U.S. can help China, the world's biggest carbon emitter, and other countries transition away from coal."
By slashing America's capacity to provide cleaner-burning natural gas abroad, the Biden administration may inadvertently spur greater reliance on dirtier energy sources like coal in developing nations.
Investment Prospects Take Massive Hit
The consequences of Biden's energy reorientation also extend to the investment realm, dealing a blow to asset portfolios of Americans from all walks of life with exposure to the fossil fuel industry.
Once a reliable source of growth and returns, oil and gas stocks and sector funds have floundered under the current leadership's policies which appear actively designed to scale back domestic hydrocarbon production. The formerly robust outlook for future expansion in this space has collapsed entirely.
Public pensions, university endowments, and countless retirement accounts allocating a portion of their holdings in energy now face marked devaluations and negligible investment income prospects. The white-hot shale boom catalyzed under Biden's predecessor has rapidly cooled in a political climate overtly hostile to fossil fuel development.
Moreover, the administration's fixation on curbing greenhouse gas emissions creates pervasive regulatory uncertainty. Forecast models and valuations grow increasingly murky for companies navigating an ever-shifting policy landscape purposely obstructing standard operations.
Republican Countermeasures Offer Hope
To be certain, not all is lost for America's energy workers and investors banking on this industry's enduring importance, both domestically and abroad. A renewed Republican administration could swiftly change the current trajectory.
Freed from Democrat's environmental obligations, the GOP would be positioned to fully unleash domestic oil and gas permitting while championing major infrastructure projects like Keystone XL. Red state leaders could once again establish America as the world's leading energy exporter, capitalizing on the nation's vast natural resources rather than artificially constraining supply.
For pipeline professionals like Troy Construction's workforce, a Republican resurgence may well represent the lifeline needed to salvage their careers and communities. Similarly, investor confidence in the fossil fuel market's profitability could be resurrected by leadership prioritizing responsible energy development over overt opposition to the sector.
American policymaking is not static, but instead shifts alongside governing priorities. As veteran workers exemplifying America's can-do spirit anxiously ponder their futures, the prospect of a course correction away from Biden's agenda offers hope that their livelihoods and aspirations need not be sacrificed on the altar of environmental absolutism. The way forward remains unclear, but one thing is certain - the human cost of the renewable transition has been staggering for those powering the nation's previous energy boom.
So be smart, be vigilant, vote according to your own values.
James Reagan
