In response, the Biden administration is releasing more oil from the Strategic Petroleum Reserve.
The reserves are of crude oil, not refined oil products such as diesel.
In response, influential Democrats, including a leading U.S. Senate candidate, a former Department of Energy official, and an influential energy expert, are urging the U.S. government to socialize America's oil and gas firms.
At a Houston conference last week, Jason Bordoff, Dean of Columbia University's Climate School, called for the "Nationalization" of oil and gas companies.
The calls come on the heels of two other Democrat-led efforts to expand U.S. government control over oil and gas production.
The result could be a disruption of global supplies of oil and other commodities if nations retaliated against the U.S. The other is an effort led by Treasury Secretary Janet Yellen to cap the price of Russian oil sold on global markets, which I and many other experts have warned since June is unworkable, because China and India have said they would circumvent it, and could backfire, resulting in far higher oil prices.
Last week, analysts with Rapidan Energy told the same Houston conference that the December 5 implementation of the Russian price cap could reduce global supplies of oil by 1.5 million barrels per day.
https://michaelshellenberger.substack.com/p/top-dems-urge-biden-to-nationalize
No comments:
Post a Comment