Austin – Yesterday, news broke that President Joe Biden and Congressional Democrats have revived tax and climate-related provisions of their Build Back Better agenda. Today, the U.S. Department of Commerce reported that U.S. gross domestic product (GDP) decreased at a yearly rate of 0.9% during the second quarter of 2022, following a decrease of 1.6% in the first quarter. Two straight quarters of negative GDP growth meets the common definition of recession.
Concerned that large increases in taxes and regulations during a recession could harm American energy security, Railroad Commission of Texas Chairman Wayne Christian issued the following statement:
“High taxes, unnecessary regulations, and irresponsible deficit spending is what caused the mess we are in – with $4 a gallon gas, inflation at 40-year highs, and two straight quarters of economic contraction,” said RRC Chairman Christian. “Now, President Biden wants to hike taxes, regulations, and deficit spending even higher to implement detrimental Green New Deal-style policies across the country. Only to D.C. Democrats would doubling down on doing more of the same make sense. Biden’s Build Back Worse agenda has already crushed hardworking Americans’ budgets and now they want to kill their jobs too. It’s insanity.
The country is in recession and facing an energy crisis – the President needs to change course immediately. Instead of begging Saudi Arabia for oil, he should empower the Permian Basin. Instead of attacking the domestic oil and gas industry, he should unleash it. Instead of raising taxes, regulations, and deficit spending, he should cut them. Americans need more hope, opportunity, and energy – not more Washington politics.”