As the devastating news came that the U.S., for the first time since the beginning of the pandemic, experienced negative growth, the Biden Administration announced plans to impose stricter rules regarding environmental standards.
The news that gross domestic production shrunk 1.4%, the high expectation of a coming recession, and inflation rose over 8% for the first quarter of 2022 has led to harsh criticism of the Biden Administration's latest announcement.
With gas prices being at all-time highs--spurred by climate-related economic decisions coming from the White House--economists have warned that stricter regulation on oil pipelines (and related industries) could have a devastating effect on consumer prices, or rather, a catalytical one.
But that's exactly what these "restored" environmental regulations, which were largely ended under the Trump Administration, are designed to do.
The White House seemed to think that, "restoring these basic community safeguards will provide regulatory certainty... and speed up production." (1) But analysts under the Trump administration felt differently, stating that the regulations "unnecessarily hindered production." (1)
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Contributor(s)
Al K. Scott, Sam Morris
(1) Katy Stech Ferek, Biden Restores Stricter Environmental Rules. The Wall Street Journal, Apr. 19, 2022 4:14 pm ET
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