Soaring Energy Prices Are Bad News For Biden’s Ambitious Cli… – MENAFN.COM

Soaring Energy Prices Are Bad News For Biden’s Ambitious Cli… – MENAFN.COM

President Joe Biden's climate plan has become increasingly difficult to sell to a divided Congress amid a global energy crunch that has sent oil, natural gas, and coal prices rallying and gasoline prices in America jumping to the highest level in seven years. The Biden Administration wants to shift America's power generation to 100-percent carbon pollution-free sources by 2035 and make the United States a net-zero emissions economy by 2050 with climate packages aimed at incentivizing renewable energy sources and transport electrification and penalizing fossil fuel producers and power generators with additional fees and taxes. Earlier this month, the U. S. oil benchmark, WTI Crude, topped $80 per barrel for the first time since 2014, gasoline prices are also at their highest since 2014, and Americans have been warned they will be paying much higher energy prices this winter. Rallying Global Energy Prices Although some U. S. energy prices - such as natural gas - are expected to be spared from the global crunch and the skyrocketing price rallies in Europe and Asia, President Biden's climate plan that aims to restrict U. S. oil and natural gas production and levy additional taxes on the industry looks shakier than ever, even