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    You are at:Home»Politics»House Speaker Kevin McCarthy Pushes Old GOP Lie: More US Energy Production Will Bring Down US Prices
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    House Speaker Kevin McCarthy Pushes Old GOP Lie: More US Energy Production Will Bring Down US Prices

    By NewsVideoClipMarch 10, 2023Updated:March 10, 2023No Comments1 Min Read
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    🚨 Just announced → H.R. 1, one of @HouseGOP's top legislative priority, is the Lower Energy Costs Act. It will do 2 things:
    📈 Increase production & export of American energy
    📉 Reduce regulatory burdens that make it harder to build American infrastructure and grow our economy pic.twitter.com/OiE6h4BXOO

    — Kevin McCarthy (@SpeakerMcCarthy) March 9, 2023
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    House Speaker Kevin McCarthy (R-CA) pushed a decades-old lie on Fox Business to promote bill H.R. 1, the Lower Energy Costs Act, which would fast-track more oil drilling and fracking. McCarthy pushed the lie that more oil drilling and fracking would lower oil and natural gas prices.

    However, McCarthy failed to mention that U.S. domestic oil is mostly sweet (clean) oil that is sold overseas because oil companies refuse to retrofit their creaky old crude (dirty) oil refineries for sweet oil. The more oil that is drilled in the U.S. the more oil is exported overseas for profit, not lower prices for U.S. consumers.

    McCarthy also claimed the U.S. would export more natural gas (from fracking) with the Lower Energy Costs Act, but that would not bring down prices for U.S. consumers either. The Lower Energy Costs Act does not include any mandatory price caps.

    (Source: Fox Business via Twitter)

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