2 ms·
IMHO, the point is that oil needs to fixed demand-side (by switching to EV and other tech to reduce demand, carbon tax) and not supply-side (by limiting drillin
by yyyk 5y ago
IMHO, the point is that oil needs to fixed demand-side (by switching to EV and other tech to reduce demand, carbon tax) and not supply-side (by limiting drilling in the US).
Trying to limit supply won't work since we can't get Russia and Saudi and Iran to reduce their exports. They'll manipulate prices for their benefit and when they feel like it, they'll supply the demand. Having the oil come from other state and not the US won't change greenhouse emissions much, and what good the supply-side approach could do - for example, by giving an economic push to green energy - is done anyway by the infrastructure bill and BBB (if it passes).
So the main result of going after domestic drilling is helping to fund klepto-oil-states which don't like the US all that much, and giving Republicans a stick to beat President Biden with, but not much help climate-wise.