President Biden's Quest For More Oil Meets Resistance Amid Climate Change Tackle Fears: WSJ

Republicans have criticized President Biden for scolding the U.S. oil industry and pushing for alternative-energy sources even as Russia's invasion of Ukraine has emphasized the world's dependence on fossil fuels, the Wall Street Journal writes.

Mr. Biden recently announced that the U.S. would ship more liquefied natural gas to Europe to help countries there reduce their dependence on Russian gas.

The move drove concerns in progressives who think the president is stepping back from his campaign promise to transition the U.S. away from fossil fuels. 

Analysts said the situation reflects Mr. Biden's limited options in addressing an energy shortfall precipitated by several factors, including the economic rebound following the COVID-19 pandemic.

Related: US Could Ease Venezuela Sanctions Conditional On Direct Oil Supply: Reuters.

The urgency is rising as the U.S., and other countries have started banning Russian oil exports because Russia invaded Ukraine—and as American consumers and businesses grapple with higher fuel costs.

Mr. Biden said he would press Saudi Arabia over human rights abuses and the killing of journalist Jamal Khashoggi. As a candidate, he said he "would transition away from the oil industry" to replace it over time with renewable energy. 

But in recent months, Mr. Biden has worked to improve relations with Saudi Arabia and U.S. oil companies, openly calling the world's oil producers to raise their output in response to rising prices.

With the White House openly calling for more short-term oil production, Mr. Biden must take care to show that he still supports his campaign promise to move the U.S. away from fossil fuels and "hasn't abandoned the cause," said John Podesta, who served in the last two Democratic White Houses.

Photo via Wikimedia Commons

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: GovernmentNewsCommoditiesTop StoriesMarketsGeneralRussia-Ukraine WarUkraine crisisUkraine-Russia War
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!