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President Biden has blamed high energy prices on Saudi Arabia and greedy American oil and gas companies. But one clique responsible for sharply rising domestic energy costs is not big oil or a foreign potentate. It is a handful of investment managers who manage trillions of dollars of corporate and state pension fund assets. These executives are raising the price Americans pay for gasoline and home heating, while contributing to the unreliability of the electric grid by issuing self-ennobling Environmental, Social and Governance (ESG) directives that force companies to reduce gas exploration and production in the name of climate change.

While human-caused carbon emissions and their impacts warrant serious action, the ESG movement is off-point and self-serving. The ESG movement is a blanket attack on U.S. industries and jobs that produce all hydrocarbons, attempting to de-bank small- and medium-sized American energy producers while seeking replacement fuel from dirtier industries abroad. Within days of being spurned after Biden’s disastrous summit with Prince Mohammed bin Salman, the administration began sending feelers to entice Venezuela to ship oil to the United States in huge, carbon-belching tankers.

Originally published on api.realclear.com, part of the BLOX Digital Content Exchange.

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