Rupert Darwall points his finger at President Biden and the Climate Alarmists as the creators of the current world energy crisis in his posting “Joe Biden’s Energy Crisis”. He says:
“…the energy crisis was not sparked by Saudi Arabia and its Gulf allies or by Iranian ayatollahs. It was self-inflicted, a foreseeable outcome of policy choices made by the West: Germany’s disastrous Energiewende that empowered Vladimir Putin to launch an energy war against Europe; Britain’s self-regarding and self-destructive policy of “powering past coal” and its decision to ban fracking; and, as Joseph Toomey shows in his powerful essay, President Biden’s war on the American oil and gas industry.”
“Hostilities were declared during Joe Biden’s campaign for the Democratic presidential nomination. “I guarantee you. We’re going to end fossil fuel,” candidate Biden told a climate activist in September 2019, words that the White House surely hopes get lost down a memory hole.”
The Biden Administration’s actions are all over the map. When US gasoline prices skyrocketed, and they found their policy on the wrong side they begged Venezuela, Iran and Russia to send their production to the US. Their campaign promises were abandoned by their fear of losing votes come November. How do you spell “hypocrites”?
“Although the price of oil has slipped back from recent highs, the factors behind high gasoline prices remain in place. Foremost among these is the steep decline in U.S. oil refinery capacity triggered when Covid lockdowns crushed demand but continued after the economy reopened. There has never been such a large fall in operable refinery capacity.
Just recently, the Biden Administration said that Big Oil was failing to keep the Northeastern states inventory of gasoline up to standard capacity. Darwall responds”
“Moreover, Gulf Coast refineries were operating at 97 percent of their operating capacity in June 2022. As Toomey remarks, “There isn’t any more blood to be squeezed out of this turnip.”
Darwall notes where climate alarmists are part of the problem. He says:
“Corporate and Wall Street ESG** policies are another factor driving refinery closures, especially of facilities owned by European oil companies to meet punishing decarbonization targets that will effectively end up sunsetting them as oil companies. If finalized as proposed, the Securities and Exchange Commission’s proposed climate disclosure rules, with the strong support of the Biden administration, will heighten the vulnerability of U.S. oil and gas companies to climate activists and woke investors to force them to progressively divest their carbon-intensive activities, such as refining crude oil, and eventually out of the oil and gas sector altogether. To these should be added aggressive federal policies aimed at phasing out gasoline-powered vehicles in favor of electric vehicles (EVs); an administration staffed from top to bottom by militants who believe that climate is the only thing that matters in politics; and an increasingly hostile political climate (“you know the deal,” Biden said of oil executives when campaigning for the presidency. “When they don’t deliver, put them in jail”).”
**ESG (Environmental, Social, Governance) has become a major issue of interest in the modern corporate world. Usually associated with things like climate change, pollution and resource scarcity, in reality, ESG covers a much wider spectrum of socio-economic issues like employability practices, diversity, social and cultural ethics, data security and sustainability.
SRI investors seek companies that promote ethical and socially conscious themes including diversity, inclusion, community-focus, social justice, and corporate ethics, in addition to fighting against racial, gender, and sexual discrimination.