“I’m using every lever available to me to bring down prices for the American people,” Biden said. “But the critical point is that these actions are part of our transition to…
WASHINGTON — Equating the oil and gas industry to Big Tobacco, United Nations Secretary-General Antonio Guterres said Friday that “fossil fuel producers and financiers have humanity by the throat.” But President Joe Biden wasn’t quite itching for a fight.
Biden reiterated his goal to lower gasoline prices that are averaging a record $5 a gallon in the U.S. while also shifting away from fossil fuels in order to limit climate change and the risks it presents. Guterres dismissed more drilling, saying “nothing could be more clear or present than the danger of fossil fuel expansion.”“Had we invested earlier and massively in renewable energy, we would not find ourselves once again at the mercy of unstable fossil fuel markets,” Guterres said. “Let’s make sure the war in Ukraine is not used to increase that dependency.”
In a statement, the American Petroleum Institute said governments and the industry need to work together: “Rising energy costs worldwide and current geopolitical tensions prove it is more important than ever to ensure continued access to affordable, reliable energy while reducing emissions. As populations grow and economies expand, the world will demand more energy, not less.
But the Russian invasion of Ukraine has scrambled Biden’s climate goals by driving up the cost of gas. Facing political pressure to get prices under control in a midterm election year, the Democratic president has urged U.S. oil refiners to produce more fuel even as companies say they lack the long-term incentives to do so because the administration is accelerating the move to clean energy.
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