"No more subsidies for the fossil fuel industry. No more drilling on federal land. No more drilling including offshore. No ability for the oil industry to continue to drill. Period. End."
That's what candidate Biden said, and he made good on his promise as soon as he was inaugurated.
Such a position also means nobody will invest in refining capacity, particularly when you have states such as California which have banned the sale of passenger vehicles using petroleum-based fuels starting in 2035 and all trucks (medium and heavy duty), where possible, in ten more years.
Why does that shut down refining now?
That's simple: Capital cost for improvements and new construction have to be recovered over decades of time and the service life of equipment like that is typically 30, 40 or more years. If you tell me there will be no demand for the product in 10 years you have quadrupled the capital cost recovery required each and every year from now until then and that in turn means the price will wildly escalate and nobody may buy. There is no reason for a private concern to take that risk and you cannot compel them to do so.
If you think this is some "unexpected" result you're nuts. Tell me how many nuclear fuel reprocessing plants are online today in the United States. In 1977 this was banned by Jimmy Carter and while Reagan reversed that E/O when he took office it did not matter as the former investments that had been made were destroyed by Carter's action and nobody in their right mind would do it again, given that Carter ruined their investment by executive fiat.
There is basically zero fabrication and development on the nuclear fuel front today compared with requirements; we only produce about 5% of what we need. This isn't because we don't have it -- we do have it. It's because Carter screwed industry out of billions of dollars and nobody in their right mind is going to let that happen to them twice. The entire kerfluffle over waste disposal is of our making; the safest and best thing to do with high-level nuclear waste from reactors is to put it back into a new fuel pin (the fissile portion in commercial power reactors is only 5%, so you have 95% of the fuel pin contents available for such waste) and burn it up. Over time this process reduces the high-level waste that is dangerous for 100,000 years into lower-level waste that is dangerous for a hundred or two years which we can reasonably expect to be able to keep out of the environment using existing technology.
The same is true when it comes to petroleum, coal and natural gas. The latter, I remind you, is essential to make fertilizer, without which crop yields will be half or less of what we produce today. The far left, along with those who go along with it on the right, either do not understand any of this or don't care and they both ignore the history including what happened in the 1970s and the impact that persists forty years later when it comes to civilian energy production.
If you want to see energy development resume here in the United States there is only one way to do it: Pass into law that (1) it will and may continue and expand, (2) Executive Action cannot curtail, impair or stop it again and (3) a serious supermajority of both houses of Congress will be required to change said law.
Since Biden would never sign such a bill and it will take 2-3 years once it is signed before the investment can bear fruit if you think the insanity in energy prices and availability is going to end before 2026 or thereabouts you're crazy. The one thing we could do now is to bar the export of refined products; we are currently exporting about 25% of refined petroleum product we produce .vs. 5% a couple of years ago and that could be done today -- and would have an immediate and real impact on gasoline and diesel price.
Further, let's go here and solve the problem for the next 500 years. That we can't do in a day but we can do it in a decade.
Biden can threaten all he wants but he cannot force private capital investment to take place and nobody in their right mind will make such investments when mere executive whim can turn said investments into dust as happened as soon as Biden took office, exactly as was the case in 1977 with Carter.
Behind every unit of economic output is a unit of energy. This is not a matter of debate or "public policy"; it is hard, material fact that has stood since the beginning of economic time and no amount of feelings or desires can change it.
Would you like to eat?
Would you like the food to show up at the grocery store?
Would you like your A/C and heat to work?
Would you like to be able to get to work?
The above are your choices and, so far, you've answered all of the above with "No!"