Yes, They Are Coming for the Oil Companies
In his first year in office, President Joe Biden has made it absolutely clear that he wants to make the oil and natural gas industries disappear. While even a progressive like Biden knows that it would be economically (and, one would hope, politically) disastrous to destroy those industries during his brief term, nonetheless Biden is setting things into motion in which the regulatory and law enforcement apparatus of the central government are quietly but effectively declaring war on what has been one of the most productive industries in US history.
The Biden administration and its allies are looking at a multipronged approach, with the first being efforts at trying to starve the industry of capital. As Biden appointees take over the Securities and Exchange Commission (SEC), they are turning what once was an agency that regulated capital markets into an environmental regulator:
Under the Biden administration, the Securities and Exchange Commission (SEC) will require public companies to disclose how operations contribute to climate change and what is being done to comply with greenhouse gas emission guidelines.
Former Acting SEC Chair Allison Herren Lee released a statement in July that laid out the update to disclosure requirements. The SEC will evaluate how companies follow climate change guidelines from 2010, discuss the climate-related disclosures with companies, then examine the impact of climate risks on the stock market. The commission will then update the guidelines, most likely resulting in an expansion of disclosure from companies on how their business affects the environment. (emphasis mine)
While some have called this “regulatory overreach,” there is nothing surprising or shocking about this. The Biden administration response to anything it can tie to “climate change” is going to be heavy-handed and expansive, especially since regulators now believe they have been near-divinely appointed to bring better weather to planet Earth.
(For numerous reasons, I am not going into the actual scientific claims regarding climate change, except to say that given the history of governmental initiative failures, I am not optimistic that the Biden administration through heavy-handed edicts can reduce hurricanes, floods, and other natural disasters that the ancients once called “acts of God.” Furthermore, no logical person can make a direct connection between Biden’s “Build Back Better” program and better weather.)
One only can imagine how far the SEC will take these so-called disclosure requirements. The idea is to mandate actions that appear to make firms look as though they are “fighting climate change.” For example, Amazon has been advertising that it will engage in corporate “responsibility” by making its delivery fleet all electric in th
Article from Mises Wire