Morning Consult featured an op-ed from former EIA administrator Guy Caruso in which he highlights how Biden’s energy policies could threaten U.S. energy security. The U.S. energy industry has worked hard to bolster oil and gas production, creating jobs and easing reliance off of unstable foreign sources. However, this reliable system is in jeopardy as Biden has promised to “eliminate” the fossil fuel industry.
Caruso further describes Biden’s planned changes to U.S. energy policy:
“While the president-elect’s comments, and later walk-backs, may be difficult to interpret, his proposals are not. Mr. Biden’s climate plan seeks to eliminate carbon-generated electricity by 2035 (fossil fuels account for 63 percent of power generation currently). That goal will require as much as $1.7 trillion over the next ten years, including subsidies for solar and wind, which now provide only about 9 percent of American’s energy needs. Biden needs to implement a more pragmatic approach to the transition away from fossil fuels. He should recognize the longer time element required.
Meanwhile, Biden has pledged to cut so-called subsidies for the oil and gas industry — a position he regularly doubled down on when correcting statements that went too far on the campaign trail. “I’d stop giving to the oil industry. I’d stop giving them federal subsidies,” he said in the Oct. 22 presidential debate.”
While the mission of working towards alternative energy solutions remains important, it is critical for the Biden administration to understand that this is a journey that takes time. Fossil fuel projects are critical to powering our nation and putting Americans to work. The Biden administration needs to consider a more thoughtful, realistic approach on the path to a greener energy future.
Additionally, Caruso alerts readers that a fracking ban on federal lands and waters would kill 1 mission jobs by 2022 and cause millions in lost U.S. gross domestic product by the year 2030, according to data from the American Petroleum Institute. This would devastate the national economy – the last thing we need in the midst of a global pandemic.
Biden’s promises to restrict shale energy development could hinder America’s steadfast path toward energy independence. Perhaps Biden should look to advice from the leaders before him – like President Obama – regarding energy policy. Caruso writes in conclusion:
“In his 2014 State of the Union address, President Barack Obama heralded natural gas as a “bridge fuel that can power our economy with less of the carbon pollution that causes climate change.” That hasn’t changed. The president-elect would be wise to revisit the position he once championed and embrace the U.S. oil and gas industry as an ally, rather than the enemy. Otherwise, the United States could be on a course to revisit its days of energy insecurity.”