High gasoline costs and Europe’s energy crisis pose a danger

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Energy crises abroad and rising gasoline costs in the United States have been used by oil and coal industry allies to undermine President Joe Biden’s efforts to address climate change and force a quick move to renewable energy. They are warning that the current crisis in Europe, where energy shortages have impacted consumers and caused some industries to close operations, is a harbinger of what may happen in the United States if measures to reduce fossil fuel consumption rapidly are implemented.
Senator Kevin Cramer of North Dakota, who contends that a planned US$1,500-per-ton charge on methane emissions and other climate ideas in the Democrats’ social-spending package will raise US energy prices, said, “It’s an indicator of what’s coming here.” “I’m not sure why we’d want to repeat it.”
Global fuel shortages, which have affected markets from the United Kingdom to China and India, are adding to the problems that Biden’s climate agenda is already experiencing.
The White House is discussing how to trim back a huge social-spending package that was to include a raft of climate policies, including hundreds of billions of dollars in renewable energy tax credits and a utility clean energy program, but is now facing resistance from moderate Democrats.
Discussions on that package have impeded the approval of a second infrastructure plan that is a key component of Biden’s economic strategy.
Supporters of renewable energy believe that Europe’s energy difficulties demonstrate the need to hasten the transition away from fossil fuels. Europe’s reliance on natural gas has compounded its supply shortage, exacerbated by the closure of nuclear power reactors in Germany.
According to the report, high energy prices “reinforce the need for a transition to new types of energy, notably sustainable energy, as well as the necessity for energy diversification,” according to the report. Secretary of State Antony Blinken of the United States of America
Natural gas prices swung wildly in Europe this week, rising by 60% in just two days after Russian President Vladimir Putin said his country was prepared to utilize exports to help stabilize global energy markets. The impacts of Europe’s supply shortage are also being felt in the United States, with natural gas futures in the United States rising on Tuesday before Putin’s remarks.
Inside the United States, fuel prices have been steadily rising all year, with unleaded gasoline reaching a countrywide average of US$3.22 (S$4.38) per gallon on Tuesday. Jen Psaki, the White House press secretary, said Monday that the Biden administration will continue to utilize all available tools “to guarantee we can keep gas prices down for the American consumer.”
The National Security Council, according to a spokesperson, is keeping a careful eye on the situation.

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