‘Inevitable’ Diesel Prices Will Soon Soar Above $5 Per Gallon, Energy Analyst Predicts
Washington D.C. – An energy policy expert is warning truckers to prepare now for diesel prices that will likely soon top $5/gallon.
Daniel Turner, founder of Power the Future, a non-profit energy policy research organization, tells Transportation Nation Network (TNN) the green energy agenda being pursued by President Joe Biden at the expense of fossil fuel production will result in the “inevitable” reality of skyrocketing diesel prices.
Citing recent energy policy decisions such as canceling the Keystone XL pipeline, banning fracking on federal land, and rejoining the Paris Climate Agreement, Turner said it’s a “clear indication” President Biden is “going to go very far to the left.”
In fact, on his first day in office, President Biden ordered a review of a series of Trump Administration executive actions that eased certain regulations regarding vehicle fuel efficiency and carbon emissions standards, as well as encouraged oil and gas exploration and development.
“He’s going to make it harder to produce fossil fuels, and when you make something harder to produce when the demand is high the cost is going to go up,” Turner explained.
Mr. Biden, along with Secretary of Transportation Pete Buttigieg, have talked extensively about the need for an energy and infrastructure agenda that is focused on bringing “equity” to those in underserved communities who, they contend, are most negatively impacted by air pollution and lack of availability of public transportation.
“The President has made it very clear he expects all of us to deliver on a new climate vision,” Mr. Buttigieg declared at his Senate confirmation hearing in January. “Ultimately, we cannot afford not to act on climate.”
However, Turner argues Biden’s current agenda will only serve to harm those he is claiming to want to help most.
“What’s going to happen when diesel prices go to 5 or 6 dollars a gallon?” Turner questioned, calling the prospect “inevitable.”
“You are going to have to pass that cost on to your customer. Who does that punish? It punishes the lower and working classes,” he explained.
According to the U.S. Department of Energy, last week the average retail diesel price rose again for the 17th consecutive week.
The latest price of $3.072 a gallon is up 9.9 cents from the week before, which represents the largest one-week increase during the 17-week period.
It’s not only rising energy costs that worry Turner, he’s also concerned about the possibility of fuel shortages and energy outages when Americans most need it.
Turner pointed to the energy debacle in Texas during last month’s brutal winter storm as a warning to the Biden Administration and those in Congress who want to impose green energy mandates instead of allowing the free market to evolve.
As wind turbines froze up and oil refineries were forced to shut down, fuel shortages were widely reported including at thousands of fueling stations and scores of truck stops.
“We know the shortcomings were because of these mandates that required wind technology that was not able to perform in a storm. Anyone who knows anything about renewables knows it doesn’t work in bad weather. The consequence is people died. This is what happens when government falls away from the things it’s responsible for and focuses on these ethereal missions of ‘justice’ or ‘equity’ or anything else,” Turner asserted.
The solution is simple, according to Turner.
Return to energy policies pursued under the Trump Administration, which he says encouraged and incentivized all forms of energy exploration and production, including fossil fuels.
“It’s terrible to think that since the 1950s we’ve had American presidents talking about the need to be energy independent and we actually achieved it in 2019,” Turner commented.
“What we finally got was an administration who let the free market do what it does best which is produce the most amount of something at the lowest price point for the greatest number of people, and we did that while lowering emissions, which is pretty remarkable. Why are we surrendering that?”