US President Joe Biden is facing a dilemma as he continues to push for a shift from fossil fuels but continues to push the Organization of the Petroleum Exporting Countries and its allies to boost output.
- Biden has pushed to shift from fossil fuels into alternative sources, but most of the world continues to source its energy from fossil fuels. The ongoing supply issues are driving demand to bring prices to multi-year highs.
- Biden has since called on OPEC and its allies to boost its supply output, but the group has so far rebuffed the appeals. This was criticized by the local industry which said his policies aimed at slowing climate change would only worsen shortages.
- Global leaders said Biden’s push to transition comes amid the world’s dependency on fossil fuels, leaving the White House with limited options moving forward.
- The White House said it is considering all options, along with discussions with its allies in Asia and Europe on the possibility of multiple countries tapping their emergency stockpiles at the same time to boost global supply.
Biden during the G-20 summit in Rome acknowledged that the shift to renewable energy will not happen overnight.
Source: WSJ
