President Joe Biden has blamed everything from Vladimir Putin to Republicans to gas station companies to Saudi Arabia for still sky-high gas and energy prices. But Biden’s own woke bedfellows bear much of the blame for American’s suffering. The only issue is, Biden keeps a cozy relationship with these culprits because of another pet project of his — climate change activism.
Massive financial firms such as BlackRock have an explicitly anti-fossil fuel agenda. They use their vast financial resources to penalize investments in companies that trade in coal, oil, and natural gas, leading to higher prices for these items. (RELATED: Hard Left Pushing Liberal SCOTUS Justices To Retire Early For Younger, More Radical Replacements)
In 2021, BlackRock voted in three activist board members onto Exxon Mobil, board members who proceeded to pressure the company to scarp their goal to increase production by 25% over the next five years. Thanks to Blackrock’s investors, the company has now reduced it’s oil production by 20%.
Before BlackRock voted in favor of 3 dissident activist directors onto Exxon’s board: the company’s business plan was to increase production 25% over 5 years.
After the proxy battle: Exxon slashed oil production by 20% from prior forecasts.
Voila, you have your answer.
— Vivek Ramaswamy (@VivekGRamaswamy) June 16, 2022
These firm’s agenda is fueled by the newest fad of woke Wall Street — environmental social and governance investing (ESG). This activist investing agenda targets companies that are allegedly insufficiently friendly to the climate activist agenda, and withholds investments until the company capitulates.
Activist shareholders disrupted Shell’s annual meeting in May of 2022, demanding the gas company cease its development of fossil fuels. The 50 shareholders delayed the meeting for almost three hours, screaming, “Shell must fall”, and “your profits will only drown us out for so long.” (RELATED: Eco-Activists Are Trying To Kill Green Tech That Could Eliminate Emissions From Fossil Fuels)
Energy prices, and economic problems in general, remain a top priority for voters. While the issue failed to award Republicans the red wave they were hoping for, the midterm election occurred at a time when other cultural issues such as abortion were top of mind. In 2024, economic issues could be even more important to the electorate.
Polls taken before the midterms showed that gas prices were, nonetheless, an incredibly important issue for voters. More than 54% of voters surveyed by the Convention of States Action and the Trafalgar Group said rising gas prices would encourage them to vote Republican. Another poll from the same group even showed that most voters believed Biden was intentionally allowing gas prices to rise to make people use less fossil fuel. The RNC even used the crisis to launch a voter registration initiative across the country.
Biden is demanding companies provide an explanation for reductions in oil capacity since 2020.
Answer: large ESG-linked asset managers. Just ask Exxon. pic.twitter.com/RPMSiIqX5q
— Vivek Ramaswamy (@VivekGRamaswamy) June 15, 2022
In July 2022, Biden announced a number of executive orders focused on tackling climate change, which he called an “existential threat.”
“So let me be clear: climate change is an emergency, and in the coming weeks I’m going to use the power I have as president to turn these words into formal, official government actions through the appropriate proclamations, executive orders and regulatory power that a president possesses,” the president said. (RELATED: Former Trump Economic Adviser Hammers Biden Admin’s ‘War’ On Fossil Fuels)
In December of 2022, Biden banned all use of fossil fuels in federal buildings by 2030. Biden’s treasury department announced in October that it would amass data from private insurance companies in order to “assess climate-related risks to the financial system.”
The real reason prices (and thus profits) are high:
The ESG holy war being waged by the Biden Administration and woke activists on domestic energy production. pic.twitter.com/4x8Mh53S49
— Will Hild (@WillHild) October 31, 2022
Adam Brandon, President of FreedomWorks, says the Biden administration’s commitment to climate activism inflates energy prices.
“Thanks to the Biden administration’s push for burdensome ESG standards, Americans are now faced with higher gas prices for little gain in terms of reducing carbon dioxide emissions. There’s no silver bullet to solve both of these problems, but rejecting further ESG proposals would be a step in the right direction.” (RELATED: Electric Appliance Advocates Backed Study Driving Push To Ban Gas Stoves)
Biden continues to make climate change activism a main plank of his presidency. Capitulating to the activists may cost him the election, however, if voters become wise to the sinister way in which large financial firms knock prices higher.