He has put his team to work reviewing dozens of actions taken by former President Donald Trump, aiming to reverse orders he says harm the environment or endanger public health.
President Joe Biden has put his team to work reviewing dozens of actions taken by former President Donald Trump, aiming to reverse orders he says harm the environment or endanger public health. For the energy and auto industries, the impact could be far-reaching. Biden aims to reduce harmful emissions from cars, trucks and sport-utility vehicles. Oil and gas operations are being scrutinized as well — from how companies extract resources from the ground to the safety of pipelines that distribute the fuels. The new president aims to transition the country to 100% renewable energy for electricity generation by 2035 and so-called net-zero emissions in the overall economy by 2050. His campaign website promises to develop “rigorous” new fuel economy standards and eventually to make all light- and medium-duty vehicles electric, though it provides no time frame for doing so. During his campaign, Biden also spoke about restricting oil and gas drilling on federal lands and reducing methane emissions from oil and gas operations. Many experts say Biden’s actions could help the nation achieve ambitious climate goals and boost the renewable energy sector, driving job growth. Others say they worry more that stricter regulations could hurt companies struggling to recover from the coronavirus pandemic, which crippled demand for fuel. Hours after his inauguration Wednesday, Biden directed federal agencies to immediately review regulations and executive actions taken in the past four years that threatened public health or the environment. Ultimately, his success will require surmounting opposition in the energy industry as well as in Congress. “Yes, we have a blue wave, but it’s a pretty thin wave, with a 50/50 split in the Senate,” said Stewart Glickman, senior equity analyst for the firm CFRA Research. “Still, this is the first presidency that is actively trying to discourage fossil fuel development while promoting renewables.” Here is look at some energy issues Biden plans to tackle: Methane — the main component of natural gas— frequently leaks from oil and gas wells and pipelines. As it does, it exerts a powerful warming effect on the atmosphere. Methane accounted for 10% of the nation’s greenhouse gas emissions in 2018, according to the U.S. Environmental Protection Agency. And the oil and gas industry produced nearly 30% of the country’s methane emissions. Under former President Barack Obama, oil and gas operations were required to inspect equipment built or modified after 2015 twice a year for methane leaks and fix leaks that they found. Trump weakened those rules. Now, Biden is expected to restore Obama-era methane regulations. He might also extend those requirements to those older wells, which could put some operators out of business. “Texas’ Permian Basin is one of the largest sources of methane emissions in the world,” said Emma Pabst of the advocacy group Environment Texas. “Reinstituting these rules will have a significant impact on our state’s climate and environment. Requiring oil and gas companies to address methane leaks along the production line sends a clear message that our Environmental Protection Agency is no longer giving out free passes to pollute.” Trump’s decision to loosen methane regulations was opposed even by BP, Chevron Shell and ExxonMobil and other major oil and gas companies because they had invested heavily to reduce methane emissions. If Biden were to just reverse Trump’s rule and restore Obama’s methane regulations, it would have little impact.
