Climate Change Dispatch 7/7/2021
As cognitive dissonance goes, this is a classic. President Biden’s explicit policy goal is to reduce U.S. oil and gas production, limiting the global supply of fossil fuels in the name of fighting climate change.
Yet his Administration is now imploring the OPEC oil cartel to pump more oil so U.S. gasoline prices don’t rise more than they already have on Mr. Biden’s watch.
Oil prices climbed to a six-year high on Tuesday after the Organization of the Petroleum Exporting Countries and Russia failed to agree on increasing production quotas.
The Administration is worried that higher gas prices could undermine Mr. Biden’s climate agenda and spending plans. Republicans have been linking his veto of the Keystone XL pipeline with higher gas prices.
The two aren’t directly related. But no Keystone does mean that more crude from Canada and the northern Bakken Shale will have to move by rail to U.S. refiners.
This is contributing to higher freight demand and prices, as well as supply-chain bottlenecks, all of which are adding to inflationary pressure.
More:
https://climatechangedispatch.com/bidens-climate-contradiction-opec-us-drilling-and-rising-gas-prices/
