The Biden administration will continue to try to spin OPEC’s decision into an argument for the president to force a transition away from conventional energy and into renewables, write JJCarafano and Katie Tubb. But renewables are no quick fix.
. It’s a deal that would give our friends' archenemy, Iran, many billions of dollars while doing nothing to keep Tehran from getting a nuclear weapon.
There is no scenario in the near future where we stop needing abundant, affordable sources of gasoline. The U.S. Energy Information Administration sees no prospect of global oil demand decreasing between now and 2050. 90% of Americans' transportation needs are met with petroleum. Electric vehicles — Biden’s vehicle of preference — make up less than 1% of registered vehicles in the United States, and over a third of them are concentrated in just one state: California.
One of the best ways to dilute the ability of OPEC and other nations to manipulate energy markets is to increase global supply. But the Biden administration, states such as California and New York, and too many countries in the EU have done precisely the opposite. Indeed, they continue to pursue policies that impede oil production.
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