In his last days, Biden enacts measures to limit fossil fuel investments, sparking debate.
Washington: President Biden came into office with a clear agenda against fossil fuels, and it seems he’s leaving with the same mindset. In his final days, he’s pushing new rules that limit investments in domestic energy.
One of his latest moves is a ban on oil and gas drilling in most U.S. coastal waters. He argues this is to protect 625 million acres of coastal land for future generations, claiming it’s a step to combat the climate crisis.
Biden stated that drilling could cause irreversible damage and isn’t necessary for the country’s energy needs. However, President-elect Trump is ready to reverse these actions, calling them ridiculous and promising to lift the ban immediately.
Critics of Biden see this as a continuation of his efforts to restrict the U.S. energy sector, starting from his first day when he halted the Keystone XL pipeline. Since then, he’s paused new LNG exports and pushed for zero-emission vehicles in California by 2035.
Energy advocates warn that these bans could lead to job losses and economic setbacks, especially in states like Louisiana and Pennsylvania. They argue that keeping U.S. resources off the market could weaken the country’s position against foreign threats.
On the flip side, environmentalists are cheering Biden’s actions, urging him to go even further. They see this as a significant win for coastal communities and the environment.
Critics argue that Biden is sticking to a campaign promise to reshape the energy landscape, with some saying he’s trying to limit Trump’s options as he leaves office. Industry leaders express concern that these restrictions could threaten the future of energy exploration and security in the U.S.
As the world’s top oil producer and a major exporter of natural gas, the U.S. has a lot at stake. European nations have turned to American LNG since the conflict in Ukraine, and last year saw record-high exports to Europe.
Industry experts stress that American energy production follows strict environmental standards, which is beneficial for both the climate and global security. Biden’s use of the Outer Continental Shelf Act is not unprecedented, but his attempt to ban future leases is raising eyebrows.
While Trump plans to challenge Biden’s decision in court, it may ultimately be up to Congress to decide the fate of these new regulations.
