As war rages, a struggle to balance the energy crisis and the climate crisis

“We are on a war footing, an emergency, and we need to responsibly increase short-term supply where we can at this time to stabilize the ...

“We are on a war footing, an emergency, and we need to responsibly increase short-term supply where we can at this time to stabilize the market and minimize harm to American families,” he said Wednesday. Energy Secretary Jennifer Granholm to oil and gas executives. at an industry conference in Houston. “That means you’re producing more right now, where and if you can.”

Ms. Granholm said increasing oil and gas production in the near term would not mean abandoning the administration’s goal of moving away from fossil fuels in order to combat global warming. Mr Biden has pledged to reduce America’s greenhouse gas emissions at least 50% below 2005 levels by 2030.

“Yes, right now we need oil and gas production to increase to meet current demand,” Ms. Granholm said. But, she added, “we are serious about decarbonization while providing reliable energy that is not dependent on foreign adversaries.”

Oil use in industrialized countries decreased between 2005 and 2012, the last time prices were high, but consumption has since stagnated except for a dip during the pandemic.

It’s unclear exactly what the United States will actually do to reduce its dependence on fossil fuels in the years to come. In its most recent annual outlook, the U.S. Energy Information Administration said oil and gas are expected to remain the nation’s primary energy sources through 2050 without major policy changes. This is the same year that, say scientists, nations need to largely eliminate fossil fuel emissions if they want to prevent the most catastrophic effects of global warming.

The administration’s main legislative proposal to accelerate the transition to cleaner energy, the build back better act, remains in limbo. This bill includes $555 billion in spending to deploy low-carbon technologies like wind, solar, geothermal and nuclear power. Electric vehicle buyers would receive up to $12,500 in tax credits. The bill also provides billions of dollars to make buildings more energy efficient and replace gas furnaces with electric versions.

In theory, these measures could go a long way toward reducing America’s dependence on oil and gas, although they would take time to work. A recent To analyse by think tank Energy Innovation estimated that the provisions of the electric vehicle bill could reduce US oil consumption by 180 million barrels per year by 2030, more than double what the country imported from Russia last year. Other provisions to clean up power plants, buildings and industry could reduce U.S. natural gas consumption by 4.7 trillion cubic feet per year by 2030, the equivalent of 85% of what Europe imported from Russia last year.

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Newsrust - US Top News: As war rages, a struggle to balance the energy crisis and the climate crisis
As war rages, a struggle to balance the energy crisis and the climate crisis
Newsrust - US Top News
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