For All the Climate Politics Talk, Oil Is Back - Bloomberg
The old geopolitics of energy (fossil fuels, that is) is back with a vengeance.
In recent days, U.S. President Joe Biden has been pushing Saudi Arabia, Russia and the United Arab Emirates to boost oil production in an effort to lower American gasoline prices and with them inflation. It’s a reminder that despite all the talk of combating climate change, the global economy still runs, largely, on oil, natural gas and coal.
The “refusal of Russia or the OPEC nations to pump more oil” is the reason why Americans pay more at the pump, Biden told reporters at the United Nations COP26 summit in Glasgow, where, ironically, he asked fossil-fuel producers to boost output.
The U.S. isn’t alone: India, the world’s third-largest oil consumer, has been vocal in asking for more production. So has Japan, which is ranked fourth, gulping down nearly as much crude as France, Italy and the U.K. combined.
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