In the last few years not only did the US become energy independent on oil but also was the marginal producer in the world. Based on the proclamations of the incoming administration, existing fracking operations and drilling permits will come under increased regulatory pressure to be downscaled or eliminated. The purpose is to reduce the carbon emissions.

The impact on the economy will be two fold. First the prices of all energy sources will go up which will restrain the growth of the economy and put a disproportionate burden on the poor and lower middle class.

The second and possibly the biggest hurdle to returning to the pre pandemic record low unemployment levels is that the US will lose its primary competitive advantage for manufacturing. This will be a major drag for jobs particularly in the Midwest which had seen a revival of sorts due to not only cheaper energy costs but the USMCA agreement, deregulations and protective tariffs.

Emissions in the world
 

While we lower our living standards to lower emissions the rest of the developing world including China will be burning coal and gas like crazy accelerating their growth past the USA. UGH!

Everything we buy will increase in price with the increase in fuel prices. Trucks deliver most of our needs.

Not true. USA is one of the worlds biggest producers and self sufficient.

Keystone Pipeline to stop
 

With the Keystone Pipeline being closed yesterday by the new president, prices will go up as the U.S. will have to purchase more oil from foreign countries. You can imagine what and why this is happening by following the money. And it puts a hardship on everyone when this happens especially the lower income and fixed income population.

Our gas in PA is $2.75 today!

My SSI will not off see the price

Excess of $5.00
 

Exactly, increased oil prices will cost jobs and stall growth. Someone mentioned wind turbines for power, 400 + gallons of oil per turbine changed at least annually. Oil based products for plastics. Transportation costs will increase. The port I worked at had 14000 trucks travel through the terminal daily, these trucks are supplying stores we shop at. All price increases and tax increases will be passed on to the consumer, Also with reduced US production we will allow the major oil producers begin to control the crude market again by making production cuts. All will spin into a cycle we all have experienced before. I will leave the national minimum wage increase for another day.

Thanks to all for staying on topic and not turning this the wrong way.

price of gas in four years
 

$2.25

Did you ever think about where the power comes from to renew those batteries? Might just be a gas powered power plant, and when gas prices go up so do power costs.

Rollie

Start saving penniesin the piggy bank now. Gas has skyrocketed and then come back down again for decades. Each time its for a different reason. This too shall pass

Some will say "see, electric cars are the way to go". Grab your stock portfolio.
It will be interesting to watch how losing our own fuel independence will take us to........where?

Hope they get the bridges done so we can use our golf carts to get around and not use our autos.

True but the focus should be on how these prices will effect our kids families.

if you think business are going to just start paying 15.00 minimum you have another thing coming. This will unemploy millions of workers and or put businesses out of business.