Putin’s green energy grift

Georgia motorists are paying well over a dollar more for a gallon of gas than they were a year ago. As of this week, the average cost of gas hit its highest level in a decade — falling just pennies short of the 2008 record. The problem is clear: a diminished American fossil fuel industry, combined with a steadfast reliance on foreign oil — are risking our economic and national security.

Based on my experience in energy markets and as a U.S. senator, I know that fossil fuels are an indispensable strategic resource. Yet, energy policy is being undermined by a dislocated conversation on climate and reality. Even before Vladimir Putin’s war in Ukraine, The Biden administration’s fanatical opposition to domestic fossil fuel production had taken America from energy independence — and being a net energy exporter in 2020 — to a net energy importer in 2021. From Day One, Biden has been blindly beholden to the green energy lobby — and has worked at every turn to shut down American energy production — most notably, when he killed the Keystone pipeline, more oil supply at home, and the thousands of high-paying American jobs tied to it.

The left’s reverence for ever evolving climate demands — and the idea that American fossil fuels are inherently worse than others’ — has driven our nation into the arms of foreign oil producers like Russia, Iran, and Venezuela. Under Biden, America has reduced production by over 1 million barrels of oil per day since 2019 but is importing more than a half-million barrels per day from Russia. In fact, in year one of the Biden presidency, America imported more gasoline and refined petroleum products from Russia than any other nation in the world. 

Russian oil and gas exports are, of course, the cornerstone funding mechanism for Putin’s war machine. They provide the Russian government coffers with nearly 40% of its budget revenue. Yet Biden has been unwilling to sanction Russia’s oil exports, or diminish Russia’s leverage over our nation — even as Putin’s army marches further into Ukraine. 

In short, thanks to Democrats’ Green New Deal dogmatism, America is both unable to meet its own energy demands, and unable to escape the clutches of foreign energy producers. Billions of American dollars continue to flow into Russia’s war chest in exchange for their oil, while Americans are hit harder by gas and home heating price spikes. All the while, our standing has diminished as we trade climate posturing and a hamstrung energy industry for sending more of our troops and oil dollars overseas.

Recommitting to America’s fossil fuel energy independence now would be a defining moment for our country. A national “all of the above” strategy combining oil, gas, nuclear, and renewables, as we’ve done here in Georgia, would enable a sensible path for transition — an urgently needed departure from a politicized, unscientific climate policy. States should take note of Georgia’s integrated approach, with 46 percent of the state’s electricity generation coming from natural gas, nuclear, coal, solar and hydroelectric.

Unleashing America’s fossil fuels would be more powerful than any massive taxpayer-funded bailout bill that could be passed by Washington politicians. It would lead to more jobs, another blue-collar boom, lower energy prices, and renewed strength on a world stage — and it would be led by the private sector, not bureaucrats. 

No other country is better positioned to responsibly lead the world in expanding energy sources over the coming decades. America has the manpower and investment capacity to regain energy independence, and we’ve done it before — becoming  a powerhouse in shale oil and natural gas innovation, LNG terminals, nuclear capacity, renewables and clean alternatives like nuclear energy. 

The far left and the green energy lobby are leading us down the wrong path. Renewables are not even close to being able to replace traditional energy sources, but they can serve as a force multiplier as part of a robust, evolving system. In this perilous moment, ending our needless dependence on foreign oil should be our immediate priority to bolster America’s economy and regain leverage over exploitative regimes. Providing regulatory certainty and removing penalties for energy companies will spur investment and a more rational price environment.

There’s no question that our willingness to cede our energy independence contributed to the casualties, smoldering buildings, charred earth, and convoy of armed tanks that Americans see on our screens each day. Unrelenting atrocities by a tyrannical dictator don’t have to be the endgame, but they’re a tragic symbol of a false green promise that has been exposed — and broken.

Kelly Loeffler has worked in the energy commodity markets and is a former U.S. senator from Georgia.