While not doing much about climate change, the Biden administration has managed to increase the cost of living and weaken national security. Canceling oil leases signals to markets that making new investments won’t be profitable. This restricts domestic supply, increases prices and weakens Western economies. It also bankrolls our adversaries. Russia depends on higher oil prices to finance its war. Mr. Biden has also drawn down the strategic petroleum reserve and, more recently, allowed huge Iranian oil sales to China. The climate-change war on domestic fossil-fuel production is truly an all-around disaster.—Anika Horowitz, University of Wisconsin-Madison, economics
University Communications