Gas prices are too low and must be increased dramatically in order to “safeguard democracy,” according to Klaus Schwab’s World Economic Forum (WEF) which issued an edict demanding higher energy prices.
Yes, you read that correctly.
In an article published July 11, the WEF issued a call to its legion of Young Global Leaders, arguing that the sky-high gas prices we are experiencing in 2022 are simply not high enough. As though ordinary people aren’t suffering enough pain at the gas pump, Klaus Schwab is claiming the current prices are severely “underpriced.”
The WEF article is complicated and disingenuous, but it basically calls for an end to any and all tax credits for oil, gas, and coal production — along with higher taxes. This idea isn’t new. Basically, it’s the same idea as pricing fossil fuels based on their carbon content. The result would make gas an unaffordable luxury for the vast majority of the population.
First, leading democracies should agree to end the underpricing of fossil fuels, which is the principal factor preventing a clean energy transition. The underpricing associated with producing and burning coal, oil and gas amounted to $5.9 trillion in economic costs in 2020. Nearly a quarter of these losses – $1.45 trillion – occurred in 48 major and smaller democracies.
The leading democracies of the G20 should collectively commit to phasing out cost and tax breaks for the production and consumption of fossil fuels. They should also phase in more efficient pricing of fossil fuels through taxes or tradable permits to cover the costs of local air pollution, global warming, and other economic damages.World Economic Forum: “Transitioning to green energy is key to both tackling climate change and creating sustainable economies. Here’s why”
There are three more provisions you can read about on the WEF website, all of which would massively increase the price of fossil fuels across the board. The WEF justifies this with this statement:
By delaying a clean energy transition, leading democracies are making their economies more vulnerable through continued reliance on fossil fuels. Collectively acting to foster a green transition is not only good for the climate but also critical for protecting democracy.World Economic Forum: “Transitioning to green energy is key to both tackling climate change and creating sustainable economies. Here’s why”
The key point in Klaus Schwab’s latest proclamation is that fossil fuels are presently “underpriced“. Of course, US consumers are presently paying the “market price” for these fuels. Apparently the “market price” is too low for the WEF.
This leads us to the big question. How long — weeks, days, months — before we see the Biden administration take regulatory action to comply with this WEF edict?
What are the odds on an Executive Order?