Mon, February 06, 2023

Big Oil is going all-in to resist climate regulations

Climate change

America’s oil and gas industry is fighting tooth and nail to remove or reduce climate regulations in President Joe Biden’s $3.5 trillion Build Back Better program.

The API runs sponsored ads on social media and swing Congressional districts to promote the Build Back Better proposal. According to a report issued Thursday by InfluenceMap, a think tank that studies how business and finance impact the climate problem, the API had spent at least $423,000 on Facebook ads that have been watched 21 million times since August 11, when the US Senate passed a budget resolution. Climate advocates slammed the API for attempting to interfere with what could be a once-in-a-generation initiative to address the climate issue.

Despite pressure from Big Oil, the Biden administration demonstrated that it is unafraid of the fight against climate change.

President Biden has made addressing the climate issue a key priority. This Administration is using every weapon in its arsenal to do so. Consequently, CNN was informed by a White House spokesperson.

According to InfluenceMap, ExxonMobil (XOM), the nation’s largest oil and gas business, has spent at least $1.6 million since August 11 on political and issue advertising on Facebook that has been watched 31 million times.

Natural gas is a key battleground

However, the API, which includes Exxon, Chevron, and many other energy companies, opposes methane regulations in the Build Back Better plan.

The bill would levy a methane fee on emissions from the oil and gas industry that exceed a certain threshold. Biden recently stated that the United States and the European Union have agreed to cut methane emissions. By roughly 30 percent by the end of the decade.

According to scientists, methane traps 25 times more heat than carbon dioxide. This makes it a significant contributor to the climate issue. Methane is the primary component of natural gas, which powers the US electric grid and heat houses. The discussion comes as natural gas prices in the United States have risen to their highest level since 2014. The price increases have been even more severe in Europe and Asia. They are sparking an energy crisis that has resulted in blackouts and bailouts. Sommers adds that Europe’s experience with increasing natural gas costs should serve as a warning to US policymakers. Goldman Sachs warned in a research Friday that the widespread availability of Russian. Natural gas supplies is one of Europe’s most significant causes of insecurity. Russia can worsen or fix the EU gas shortage, Goldman Sachs concluded.



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