A new report by a House committee found that President Biden’s green energy plan has increased gas prices, undermined the stability of the grid, and added $1 trillion to the regulatory costs for businesses and consumers.

The Biden administration prioritized eliminating the use of fossils fuels and so-called greenhouse gases. It implemented its agenda using a whole-of government approach, which, according to House Oversight and Accountability Committee (HOAC), is harming the economy and hurting the consumers who are already suffering from high inflation and increasing housing costs.

Gas prices rose dramatically under the Biden Administration, from $2.39 a gallon on the day Mr. Biden assumed office, to an average national price of over $5 per gallon by June 2022, which is a record high.

The average price of a gallon currently stands at $3.54. In an effort to reduce prices, Mr. Biden has recently used the emergency oil reserves of the United States for the second time during his presidency.

The Republican-led committee blamed Mr. Biden’s energy policies for the high costs, starting on his first day as president when he canceled a permit for the Keystone XL pipeline and imposed a ban on new oil and natural gas leases in federal land.

After releasing the 33 page report, Oversight Chair James Comer, a Kentucky Republican, stated that the Biden administration used the executive branch’s power to wage war against American energy production, cement radical, far-left policies, and increase costs for all American businesses and consumers.

Mr. Biden made the implementation of green energy policies his top priority. He set a target for 2030, when the United States will have to reduce “economy wide” net greenhouse gas emissions by half from 2005 levels.

The president said that his clean energy initiatives will not only benefit the environment, but also the economy and other benefits.

White House officials said shortly after Biden’s election that “climate change is an existential danger, but responding offers a chance to support union jobs and good-paying jobs, to strengthen America’s working community, to protect public health, to advance environmental justice.”

The Oversight Report concluded that the Biden Administration’s initiatives to curb fossil fuels were not beneficial, but instead set the nation on a course for economic disaster and threatened the stability of power grid.

The report details a collection of documents that the panel made the Biden administration turn over. According to lawmakers, the Environmental Protection Agency (EPA) and other Biden officials were “willfully disregarding” the costs and legality of the new rules for power plants announced in this year. The new rules require that coal-fired and gas-fired plants reduce almost all of their emissions by 2032.

The panel obtained documents that include anonymous “critical comments” from officials of various federal agencies who questioned whether the rules for power plants provide viable alternatives to coal and gas, and expressed concerns about the rules increasing energy costs and leading to power shortages.

The Oversight Report accuses Biden’s administration of distorting electricity markets through federal subsidies of hundreds of billions in intermittent renewable energy production, primarily wind and solar.

The Inflation Reduction Act was passed by the Democrat-led House of Representatives and Senate in 2022 without Republican support.

The bill includes $369 billion for “energy security and climate changes.”

Travis Fisher, Director of Energy and Environmental Studies, Cato Institute (a libertarian think-tank), told Congress that unlimited subsidies artificially manipulate energy markets for natural gas and coal and can cost taxpayers up to $3 trillion in 2050.

The report also criticised the Biden administration for its push to electrify America and eliminate gasoline, natural gas and other fossil fuels while the electrical grid is being strained by the growing demand for electricity.

In March, the administration announced new strict limits on tailpipe emission that would require half of new cars sold in America to be zero-emission electric vehicles. The administration is also working to electrify existing buildings that are powered by fossil fuels, and eliminate the use of gas for heating and cooking.

Electricity costs will rise due to the addition of electric vehicles, heat pumps, and stoves. According to the Bureau of Labor Statistics the rate of increase in electricity is faster than inflation.

The rising cost of living is a major concern among voters. Voters are concerned about rising costs, which has contributed to the low approval rating of Mr. Biden.

Former President Donald Trump has promised to increase American energy production through the granting of new oil and natural gas leases, and the lifting of the regulations that Mr. Biden had imposed upon the fossil fuel sector, automobile manufacturers, and appliance makers.

Mr. Biden hasn’t backed down from his green energy agenda.

Biden’s re-election campaign hopes to attract young voters who are increasingly concerned about climate change.

The president has described his actions as being “historical” and meant to counter the “so-called climate crises,” which he called “the existential threat for humanity.”

The Biden administration announced the new tailpipe emissions limits in March. They said that the rule would reduce carbon emissions by more than 7,000,000 tons and result in $13 billion of health benefits because improved air quality.

Michael S. Regan, EPA Administrator, said: “With transportation being the biggest source of U.S. emissions that contribute to climate change, these strictest pollution standards ever for cars will solidify America’s position as a leader in creating a cleaner transportation future, and good-paying American Jobs, while advancing President Biden’s historic climate agenda.”