Energy News Today

Biden policies could lead to ‘disaster’

Donald Trump’s former energy secretary on Sunday attacked the Biden administration’s energy policies, linking them to inflation and claiming that restrictions on the U.S. oil industry and rising costs at home could lead to “disaster.”

Energy prices have leaped globally in the last three months. Natural gas has soared almost 600% this year, and international oil benchmark Brent crude is up more than 60% year to date. Currently, crude is hovering around $82 per barrel.

“The Biden administration’s restrictive actions — no to pipelines, no to drilling, no to the financing of oil and gas projects overseas … is a stunning reversal of the energy independence achieved under the Trump administration,” Rick Perry told CNBC’s Hadley Gamble.

The United States never stopped importing oil during the Trump administration, though domestic production rose. On a monthly basis, U.S. production edged higher than consumption during most of 2019 and 2020, according to the U.S. Energy Information Administration.

But the most recent EIA data shows that pattern continuing after Biden became president in 2021, including U.S. exports of energy continuing to exceed imports.

As gas prices have risen in the United States, the Biden White House has pressured OPEC and its oil-producing allies including Russia to accelerate plans to increase output. But that group, called OPEC+, last week said it would stick with its plan to increase output by 400,000 barrels per day starting in December.

“The potential for disaster is very real, both in a national security standpoint, and whether or not we literally can keep the lights on,” Perry said.

Perry oversaw pro-oil industry policies during his time at the Department of Energy. A former governor of Texas, he has close ties to the Texas oil industry and has held leadership roles on the boards of two petroleum companies.

The inflation problem

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The White House and U.S. Department of Energy were not immediately available for comment. Granholm acknowledged during the COP26 climate summit in Glasgow, Scotland, that the amount of clean energy that’s available isn’t sufficient to replace fossil fuels. She said a priority for the administration is to ensure Americans can afford to heat their homes and fuel their cars this winter.

Granholm last week hit back after OPEC and its allies decided to continue with their current output plan, adding 400,000 barrels per day each month through to next year.

Asked by CNBC about the United States’ relationship with de-facto OPEC leader Saudi Arabia during the COP26 climate summit, Granholm said: “In some places we have strong relationships, and in some places we wish our allies would move a little faster.”

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Biden policies could lead to ‘disaster’

2021-11-08 06:56:02

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