![]() We don’t want to see huge amounts of new development - for example, suddenly opening federal lands to drilling or building a significant number of new pipelines or export facilities that can lock in fossil fuel use for 20 to 30 years.Įlectric vehicles and renewable energy are on the rise. If American energy resources can provide some measure of relief, then we should do what we can.īut new production of oil, gas, or coal leads to more CO 2 going into the atmosphere. Europe is facing the worst refugee and energy crisis since the end of World War II. There are millions of Ukrainians displaced from their homes, families ripped apart. And European demand for gas is bidding up the price that countries like Japan, South Korea and China - which also depend on natural gas - are paying. Europe is taking aggressive steps to end this dependence by reducing demand and securing supplies from other countries, but this won’t happen overnight. In Europe, natural gas is the main source of energy for homes and industry, and 40% of it comes from Russia. isn’t the only country feeling the pinch. But on that same day, the President announced an Executive Order to make it easier to produce batteries in the United States, which will be critical to making electric cars and trucks more available and affordable. This will provide a bit of short-term relief. Therefore, in April, Biden announced the release of 180 million barrels of oil from our national petroleum stockpile. The administration is trying to strike a balance between providing immediate relief from high gas prices and moving our economy away from fossil fuels. What has the Biden administration done to ease pain at the pump? What are the climate implications of those decisions? I just returned from a business trip to California, and the plane was packed. Third, oil demand has largely returned to pre-pandemic levels. It’s still being traded, but not to the same degree, so we have a gap in supply. Russian oil normally accounts for about 10% of global oil supply. After Putin invaded, the West introduced financial sanctions that made it difficult to clear Russian oil transactions through Western banks. They just don’t see it as profitable in the long-term. Most investors lost money on oil and gas development over the last 10 years, and they’re not enthusiastic about losing more. First, oil prices are going up in general because there’s been less capital to develop new oil resources. ![]()
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