Trump’s renewables crackdown hurts US national security, Biden official warns
Wally Adeyemo supports imposing sanctions on buyers of Russian oil, but said more diversified energy at home will give the US a stronger geopolitical advantage.
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Op-eds & Essays by Jason Bordoff • October 29, 2018
In his latest op-ed in The Hill, Jason Bordoff argues that the recent speculation about disruptions in oil supply from Saudi Arabia, even if highly unlikely to materialize, are a reminder that no matter how much oil the U.S. produces or how little it imports, in a global market prices at the pump will still spike if there is a disruption in any global oil supply. Bordoff argues, “the best way to reduce the risk to consumers at the pump from global oil supply disruptions is to reduce how much oil we use in the first place” through policies like higher fuel economy standards and alternative fuel R&D, and he criticizes Congress for selling off strategic oil stocks “in the misguided belief that the shale revolution insulates us from geopolitical risk to oil.”
China’s dependence on the energy supplies that move through the Strait of Hormuz makes it especially vulnerable to any possible closure of the waterway by Iran in retaliation for attacks by Israel and the United States.
The conflict between Iran, Israel, and now the United States has yet to disrupt energy supplies to global markets.
Calls to "Drill, baby drill" are back with Donald Trump's return to the White House, and for US natural gas production, the catchphrase might also be a necessity over the next three years if demand for the fuel grows as steeply as expected.
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Op-eds & Essays by Jason Bordoff • October 29, 2018