Petroleum Crunch In The US

When Joe Biden became the president of the US, he promised that he’ll slowly move the United States away from fossil fuel dependence. It was a good step for both environmental and political reasons, especially coming after a president who pulled out of the Paris Climate Agreement.

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With the unprecedented turn of events in recent months, inflation caused by the pandemic and Russia’s invasion of Ukraine that resulted in various sanctions on Russia is choking oil supplies around the globe. President Biden lifted the ban on ethanol-blended fuel during the summer months to ease the supply and price situation in the US.

Biden has also released 180million barrels of US’ strategic oil reserves to ease the supply crunch, it’s the biggest ever in history. He also urged domestic oil companies to drill for more oil.

The climate-conscious voters are infuriated over the permission to sell ethanol-blended fuel in summer as it will create more smog and are blaming the government for not fulfilling its promises. The Republicans see it as a move towards energy independence, they believe the oil crisis is because the Biden administration started taxing oil companies to incentivize renewable energy which paralyzed the oil production.