In an effort to move over to more American-created goods and products, President Biden put out an order requesting his staff to “review critical supply chains with the aim of bolstering American manufacturing of semiconductors, pharmaceuticals and other cutting-edge technologies.” The goal is to reduce the US’s reliance on imported materials, the creation of well-paid jobs in America and strengthening the economy especially when faced with pandemics, geo-political threats and climate change.
In a discussion Biden had with Congress members, Michael Thomas McCaul said:
“China is looking at investing $1 trillion in their digital economy. If we’re going to be competitive, we have to incentivize these companies to manufacture these advanced chips in the United States.”
Further, together with 16 Republican governors, Gov. Spencer Cox wrote a letter to the President asking for a withdrawal of Executive Order 14008 (“Order”), issued on January 27, 2021. This order will ban the development of new oil and gas on offshore waters and federal land. It said:
“There are many parts of our country where energy is more than a utility bill or tank of gas—it’s a job creating industry that provides good careers and steady paychecks to families in rural areas and small towns. Where the recent surge in oil and natural gas provided jobs and created wealth when we needed it most, the Order will drastically hinder the ability of the oil and gas industry to recover, both onshore and offshore, as the effects of the COVID-19 pandemic subside. In particular, the Order has a negative economic effect upon western states with large tracts of federal land and upon Gulf Coast states, chasing away capital investment for long-term economic growth and undermining public services, public conservation, public safety, public education, and more. Beyond directly impacted states, the Order is estimated to spike American residential energy costs by $1.7 billion per year.”