Katerina Swanson
During a campaign stop in 2019, Joe Biden, then a presidential candidate, made a comment to a climate activist that he would 'end fossil fuel. This statement has been a topic of discussion and controversy, with Biden's aides and vice-presidential running mate Kamala Harris clarifying that he planned to phase out taxpayer subsidies for fossil fuel companies and transition from oil, rather than eliminate the industry. Biden has reiterated his desire to end fossil fuel subsidies and has taken steps towards conservation and renewable energy initiatives. However, there is also evidence of a complex relationship with the oil and gas industry, with the administration making decisions to stay within the law and manage fuel prices.
| Characteristics | Values |
|---|---|
| Biden's stance on fossil fuels | Biden has a complex relationship with oil and gas. While he has made statements about ending fossil fuels, his aides clarified that he meant ending fossil fuel subsidies, not the industry itself. |
| Biden's plan for the oil industry | Biden has called for a "transition" from oil to renewable energy sources, encouraging more wind and solar power. He has also ordered agencies to accelerate the authorization of renewable projects. |
| Impact on gas prices | Critics claim that Biden's actions to reduce fossil fuel production have led to skyrocketing gas prices. |
| Political implications | Biden's comments on ending fossil fuels have been seen as potentially damaging to Democrats in states that rely on the oil and gas industry, such as Pennsylvania, Texas, and Oklahoma. |
| Biden's administration actions | Biden's administration has taken steps to reduce fossil fuel production, including blocking the Keystone XL Pipeline, curtailing oil and gas leases, and rejoining the Paris Climate Agreement. |
| Biden's response to criticism | Biden has denied claims that his climate policies are responsible for high gas prices, instead blaming the COVID-19 pandemic and the invasion of Ukraine. |
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What You'll Learn
Biden's campaign promise to end fossil fuels
During his 2020 presidential campaign, Joe Biden promised to end fossil fuels and transition to renewable energy sources. In an intimate moment on the campaign trail, Biden vowed to a young climate activist that he would "end fossil fuel". He said:
> I want you to look at my eyes. I guarantee you. I guarantee you. We're going to end fossil fuel.
The activist, 24-year-old Rebecca Beaulieu, appreciated that Biden took her question seriously, but she was not satisfied with his plan to eliminate net carbon emissions by 2050. Biden's running mate, Kamala Harris, clarified that Biden planned to phase out taxpayer subsidies for fossil fuel companies, not the industry as a whole. Biden himself sought to clarify his remarks, explaining that fossil fuels would not be eliminated until 2050. He also stated that he would not ban fracking.
Despite this, Biden's comments drew criticism from the Trump campaign, which sought to frame Biden's position as a potential threat to jobs in oil-producing states. Biden's plan focuses on technologies that can capture pollution from oil and other sources, rather than banning fossil fuels outright. However, Biden's aides acknowledged that his comments about ending fossil fuels were meant to refer to ending fossil fuel subsidies, not the industry itself.
As president, Biden has taken steps to fulfil his campaign promise, such as ordering a ban on new oil and gas leases on federal land and accelerating the authorisation of renewable energy projects. However, he has also faced challenges, such as the need to balance environmental concerns with the need to keep fuel prices low for average families. Overall, Biden's campaign promise to end fossil fuels has been complex and multifaceted, with his administration taking a range of actions to address the issue.
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Biden's plan to phase out fossil fuel subsidies
During the 2020 US Election, Joe Biden stated that he would "end fossil fuel". This comment was made in response to a challenge from a New Hampshire environmental activist who questioned him about accepting donations from the co-founder of a liquified natural gas firm. Biden denied the donor's association with the fossil fuel industry.
Biden's aides later clarified that he had been referring to ending fossil fuel subsidies, not the industry itself, when he spoke of a transition from oil. Biden himself also sought to clarify his remarks, explaining that fossil fuels would not be eliminated until 2050. Biden's vice-presidential running mate, Kamala Harris, further emphasised that Biden planned to ban subsidies, not fracking.
As President, Biden has reiterated his desire to end all fossil fuel subsidies. In March 2023, he proposed a budget that would scrap billions of dollars in oil and gas industry subsidies, arguing that fossil fuel companies should not receive lucrative tax breaks while making record profits during a time of high consumer energy costs. These subsidies include tax breaks such as intangible drilling costs and the percentage depletion tax break, which reduce the tax burden on oil and gas companies. Biden's proposal faces opposition from some lawmakers in Congress, including members of his own party, and has little chance of passing.
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The impact on gas prices
During his 2020 election campaign, Joe Biden vowed to "end fossil fuel". Following the debate, Biden clarified that he planned to phase out taxpayer subsidies for fossil fuel companies, not the industry as a whole. He also added that fossil fuels would not be eliminated until 2050. Biden's vice-presidential running mate, Kamala Harris, further clarified that Biden was not going to ban fracking in America.
Despite Biden's anti-fossil fuel agenda, some sources argue that his policies have had little impact on the energy sector's profits. Biden's actions have targeted future development, not current production. In fact, fossil fuel firms have done better under Biden than they did under Trump. During Trump's four years in office, the average profit margin of the energy sector was -0.6%, including 2020 when the energy profit margin was -16%. During Biden's three years, the energy sector profit margin has averaged 11%.
However, Biden's anti-fossil fuel agenda has been criticized for contributing to higher gasoline prices. Between January 2021, when Biden took office, and May 2022, the consumer price index (CPI) rose by 11.7 percent. As a result, gasoline prices were 11.7 percent higher than in January 2021. The Energy Information Administration projected gasoline prices to be around $2.78 per gallon in 2021 and $2.85 per gallon in 2022. Biden's regulatory agenda has inserted artificial constraints on oil production, with U.S. crude oil production in 2021 being 9% below 2019 levels.
While Biden's policies have contributed to higher gasoline prices, other factors have also played a role. The recovery from the pandemic and actions by other governments, including Vladimir Putin's invasion of Ukraine, have impacted the price of oil and gasoline. Additionally, the Federal Reserve's monetary policies and massive increases in pandemic-related federal government spending during the Trump and Biden administrations have contributed to inflationary pressures.
In conclusion, Biden's anti-fossil fuel agenda has had a mixed impact on gas prices. While it has contributed to higher gasoline prices, other factors such as the pandemic, federal monetary policies, and actions by other governments have also played a significant role.
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The role of climate change
Climate change is one of President Joe Biden's top priorities. He has set out ambitious goals as he rejoins the global effort to fight climate change. Biden's climate agenda includes ending fossil fuel subsidies, banning new oil and gas leases on federal land, and reserving a third of all federal lands for conservation. He has also ordered agencies to accelerate the authorizing of renewable energy projects, with the aim of doubling wind capacity by 2030 and making the electricity sector carbon-free by 2035.
Biden's plan focuses on technologies that can capture pollution from oil and other sources, rather than banning climate-damaging fossil fuels. He talks of a 30-year transition to a carbon-free economy, encouraging more wind and solar power and greater energy efficiency. This transition is necessary to tackle climate change, which requires sharp cuts in oil, gas, and coal emissions, and the elimination of most fossil fuel burning.
During his 2020 presidential campaign, Biden promised to move the United States away from fossil fuels, pledging no new drilling on federal lands, including offshore. However, once in office, he has had to balance these promises with the need to stay within the law and maintain affordable fuel prices for Americans. This has resulted in a complex relationship with the oil and gas industry, with some accusing him of facilitating oil development and not doing enough to end fossil fuels.
Biden's administration has taken steps to weaken domestic energy protection, such as blocking the Keystone XL Pipeline, curtailing oil and gas leases, and rejoining the Paris Climate Agreement. These actions have been criticized by Republicans, who claim they have led to higher gas prices for Americans. However, the White House denies that climate policies are responsible for high gas prices, instead blaming the COVID-19 pandemic and Russia's invasion of Ukraine.
Overall, Biden's role in addressing climate change involves a transition from fossil fuels to renewable energy sources, with a focus on reducing emissions and increasing energy efficiency. While his administration has taken steps towards this goal, there are also complexities and challenges to navigate along the way.
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The response from the fossil fuel industry
The fossil fuel industry and its supporters have expressed concern and criticism over Biden's comments on ending fossil fuels and his administration's subsequent actions.
During the 2020 election campaign, Biden's comments on transitioning from oil and ending fossil fuel subsidies drew a response from the industry. Trump, for instance, claimed that Biden's comments were a "serious gaffe" and that he was "going to destroy the oil industry." Fracking tycoon and Trump supporter, Harold Hamm, echoed this sentiment, stating that restricting oil and gas production would lead to higher petrol prices and energy scarcity. Mike Sommers, president of the American Petroleum Institute, also expressed disappointment with Biden's remarks.
Following his inauguration, Biden's administration took steps to curb fossil fuel production, such as blocking the Keystone XL Pipeline, curtailing oil and gas leases, and rejoining the Paris Climate Agreement. These actions were met with criticism from the Republican Study Committee (RSC), which claimed that Biden's "assault" on the nation's energy production capabilities led to skyrocketing gas prices.
However, it is important to note that Biden's plan does not call for a complete ban on fossil fuels. Instead, he focuses on technologies that can capture pollution from oil and other sources. Additionally, his administration has had to balance environmental goals with legal obligations to the oil industry and concerns about rising fuel prices for families.
The fossil fuel industry and its supporters are likely to continue to push back against Biden's climate agenda and policies that impact their interests. At the same time, companies within the industry are increasingly dealing with climate change and accepting the need for fuel economy standards and emissions curbs.
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Frequently asked questions
Yes, Biden has said he wants to end fossil fuels. However, he has clarified that he plans to phase out taxpayer subsidies for fossil fuel companies, not the industry as a whole.
Biden has ordered a ban on new oil and gas leases on federal land, with a third of federal lands to be reserved for conservation. He also plans to reinstate and strengthen Obama-era regulations on the three largest sources of greenhouse gas emissions: vehicles, power plants, and methane leaks from oil and gas wells.
Biden has stated that the US has a moral obligation to tackle climate change. He has also emphasized the importance of transitioning to renewable energy sources, such as wind and solar power, to reduce emissions and create a carbon-free economy.
Yes, Biden has faced criticism from both the fossil fuel industry and lawmakers who support it. There have been concerns about the potential impact on energy prices and job losses in states that rely heavily on the oil and gas industry. Additionally, the Biden administration has been accused of contributing to high gas prices through policies that weaken domestic energy protection.
