With a Biden Administration taking office in just a couple months, Americans can expect to see some significant proposals coming from the White House as it relates to climate change, environmental conservation, and the future of American energy.
As GAIN has long advocated, and highlighted in a recent Real Clear Energy piece from strategic advisor Col. Tom Magness, it is important that President-Elect Biden and the Democrats preserve an “all of the above” energy strategy that focuses not only investment in renewables, but also recognizes the importance of cornerstone energy sources like natural gas and oil. As Magness highlighted:
The growth of the U.S. natural gas industry under the Obama administration lowered household energy costs, created jobs, contributed to a major reduction in emissions, and played a significant role in accelerating the country’s recovery from the 2008 Financial Crisis. This was, and has remained under President Trump’s leadership, the right path for Americans.
Crippling existing producers through the range of proposals in Biden’s proposed energy policies would cost jobs, limit growth, and damage the wellbeing of millions of Americans struggling from COVID-induced financial vulnerability. As such, it is important we continue to invest in infrastructure that safely and efficiently transports the energy resources that millions of American consumers rely on each day – particularly in natural gas-rich regions that currently face pipeline constraints like Texas’ Permian Basin and the Marcellus formation in Pennsylvania. But with an anti-energy contingency only growing amongst the far-Left, developing critical energy infrastructure has become a painfully litigious, uncertain, and bureaucratic process that seemingly offers little incentive for developers and investors.
As Bloomberg recently reported, energy companies are preparing for policies that could negatively impact the industry – and ultimately, American energy consumers. The article highlights a series of potential concerns, ranging from halting drilling in the Arctic National Wildlife Refuge, shutting down the Dakota Access Pipeline, eliminating greenhouse gases from the power sector, and barring new fracking on federal lands.
While some executives expressed concern – such as Marathon CEO and Pioneer CEO regarding Biden’s proposed ban on federal leases – others, such as Energy Transfer co-CEO Marshall McCrea acknowledged that new pipeline projects may face increased regulatory scrutiny but that companies who already have extensive networks and access to major oil and gas basins stand to gain.
As the Biden transition team gets to work and the President-Elect prepares to take office, it is important that a pragmatic and realistic approach to American energy is prioritized – one that works towards our environmental goals but also meets the growing energy needs of our nation and continues to fuel our modern way of life.