Inflation threatens Biden’s midterm, which chooses to give up the energy transition
Farewell to the energy transition, the country that should have led it throughout the West is betraying its promises. “Electoral promises have been denied to stem price increases”, writes the daily newspaper. For the first time since arriving at the White House, Joe Biden will grant thousands of acres of public land throughout the United States for new drilling for gas and oil.
A move by the US administration to try to combat the surge in energy prices caused by Vladimir Putin’s war against Ukraine, but which is destined to displease part of the democratic electorate, already disappointed by the president’s policies on the environment. From next week, the Department of the Interior will make 145,000 public acres (nearly 59,000 hectares) available in nine states. To avoid an uprising by local communities, however, he ensured that the land will be near existing oil and gas extraction facilities.
Furthermore the government will increase the concession fee owed by mining companies from 12.5% to 18.5%. “Biden first tried to intervene with the release of 180 million barrels of crude oil from strategic government stocks, then tested the waters among producers.“, wrote Il Fatto Quotidiano.” In the meantime, however, it has also committed itself to supplying Europe with 15 billion cubic meters of LNG, gas in liquefied form, by 2022 and then rising to 50 billion cubic meters in the coming years to help replace Russian supplies. Once again, however, the announcement was met with skepticism. The decision, in fact, has the paradoxical characteristic of not being useful immediately and of becoming so (perhaps) when instead it should be time to change the environmental paradigm “.
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