With some of the president's climate change plans already stalled, the increased demand for oil due to the war in Ukraine could set back his agenda further.
agreed that while the invasion hampers Biden's climate goals in the short term, it may also eventually win support for his plans in the long run.
Brownstein spoke of how oil and gas are often used as geopolitical weapons. He said the oil market is naturally volatile, and conflicts overseas sometimes cause drastic spikes in the price of gasoline. During his public statement last Thursday about releasing the 180 million barrels of oil from the strategic reserve,to increase domestic production of critical minerals and metals needed for technologies like electric vehicles.
Oppenheimer said such a push could cause"any acceleration of U.S. oil exploitation" to be"overshadowed by the momentum toward electric cars, and natural gas may become sufficiently expensive again as it was 15 years ago that the bridge to renewables envisioned by many just collapses. In that case, if energy storage becomes cheaper fast, as seems to be happening, there may actually be a clearer path to a carbon-free future.
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