The U.S. action, announced this week in coordination with countries such as India, the United Kingdom and China, is aimed at global energy markets and helping lower gasoline prices that have risen more than a dollar per gallon since January. But it could also undermine Biden’s climate goals, including a 50% cut in greenhouse gas emissions by 2030.
Some leading climate hawks, however, said they were not concerned by the move because they see it as a short-term fix to meet a specific problem. Sen. Ed Markey, D-Mass., who has focused on combating climate change, said Biden was “taking effective action to protect Americans from oil price gouging” even as the administration continues to boost renewable energy that it hopes will eventually mean less dependence on fossil fuels.
“This is what reserves are for — defending our economy against disruption, “Markey tweeted. “Profiteering can’t go unanswered, especially as Big Oil makes billions and fuels the climate crisis through exports.”
The Strategic Petroleum Reserve is an emergency stockpile to preserve access to oil in case of natural disasters, national security issues and other events. Maintained by the Energy Department, the reserves are stored in caverns created in salt domes along the Texas and Louisiana Gulf Coasts. There are roughly 605 million barrels of petroleum in the reserve.
This story is from the November 26, 2021 edition of AppleMagazine.
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This story is from the November 26, 2021 edition of AppleMagazine.
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