Biden Fulfilling Pledge to End Fossil Fuels
Source: https://insidesources.com/biden-fulfilling-pledge-to-end-fossil-fuels/
Author: William T. Alpert
President Biden notes that companies have many permits to explore for oil and natural gas, he fails to note numerous hurdles from the permit stage to production. Oil companies are responding to higher prices as well. The number of oil and gas rigs increased by 60 percent in the past year, but firms and, more important, skilled workers have moved on to other occupations. In addition, the oil and gas industries are uncertain about their beneficial tax expenditures, which were removed from the administration’s proposed 2022 budget. Finally, the oil-drilling industry is not exempt from worldwide supply chain issues. Given the current domestic political landscape with environmental concerns trumping energy shortages, Biden is attempting to make up the shortfalls in American production by turning to other countries with whom the current administration has had less than cordial relations.