During the 2020 presidential election, then-Democratic candidate Joe Biden promised he would move to eradicate fossil fuels if elected. In January 2021, the newly sworn-in president jumped into action and enacted a war on US energy companies in a move beholden to climate change proponents. Within months, gas prices began to climb. Consumers have paid more at the pumps every month Biden has been in office. Now, the Russian war on Ukraine is causing prices to spike well over $4 per gallon on average.
The fast-paced climate agenda has some people concerned, including the founder of Tesla, who’s at the heart of the battery car evolution. As the government tries to force companies to adopt green initiatives overnight, Elon Musk said the Biden administration has twisted Environmental Social Governance (ESG) standards to the point of insanity.
The billionaire founder of Tesla isn’t the only one concerned about the fast-paced move to force the adoption of ESG, a set of standards used by investors to weigh a company’s approach to environmental issues. Some Wall Street analysts say that while electric cars hold promise for the future, they’re not going to be mainstream anytime soon, perhaps not even in five years. Some even suggest a consequence of forcing green policies before technologies are ready could create even more rapid inflation, essentially acting as a tax on the poor and working-class forced to pay the increased gas prices just to get to work every day.
So, what do you think?
Is Musk right to question the Biden administration’s sanity?