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HomeNewsEnvironmentalists Give Green Signal To Biden’s Crude Oil Loan Proposal

Environmentalists Give Green Signal To Biden’s Crude Oil Loan Proposal

As U.S. President Biden decides to coordinate with countries like India, the UK, China, and Japan, to bring crude oil prices under control, and regulate the global energy market environmentalists have expressed their support for the same.

The price of gasoline has already shot up by over a dollar per gallon in 2021, causing many hindrances to an average American, however, it can also affect the timeline of environmental goals set by the country such as reducing greenhouse gas emissions by 2030 by half.

The decision involves releasing a record 50 million barrels of oil from the country’s Strategic Reserves. Sen. Ed Markey, D-Mass., who has zeroed in on fighting environmental change, said Biden was making a powerful move to shield Americans from oil cost gouging even as the organization keeps on helping sustainable power that it expectations will ultimately mean less reliance on petroleum products.

“This is what reserves are for — defending our economy against disruption,″ Markey tweeted. He believes that “Profiteering can’t go unanswered, especially as Big Oil makes billions and fuels the climate crisis through exports.″

Kelly Sheehan, who heads Energy Campaigns with the Sierra Club also welcomed Biden’s decision, to lower the load of soaring oil prices, and said, “The only way to truly achieve energy security is to rapidly transition away from risky fossil fuels like oil and gas and make it easier for more people to access clean energy.″

The Covid pandemic has made the energy markets chaotic and uncertain. As shutdowns started in April 2020, demand for the commodity fell and oil futures costs turned negative. The traders faced a new hurdle of storing the crude oil, where there was a falling demand, which caused price fluctuations. Be that as it may, as the economy recuperated, costs leaped to a seven-year high in October.

Read More: Biden To Select Jerome Powell As Federal Reserve Administrator

Biden has already reiterated time and again, that he wishes to do away with relying too much on oil, and “now is the moment to keep that promise by urgently speeding the transition to electric cars and a renewable energy grid,″ said director of a climate law institute at the CBD, Kassie Siegel.

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