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Global Oil Supply
Like the previous democratic administrations in the United States, Biden has shown
interest in multilateral diplomacy. This would mean a possible route for Iran and
Venezuela to pull out of Washington sanctions and return their oil to the market if
the right conditions exist. US sanctions against Iran and Venezuela during Trump’s
presidency have removed three million barrels a day of oil from international markets, equivalent to more than 3% of global oil supplies. The Biden campaign did not
provide details on how to address these issues (https://oilprice.com 2020a, b, c, d).
Renewable Energy
Under Trump, the share of renewable energy in the US energy basket increased.
Despite Trump’s oil policy and his full support for the country’s oil industry, the
conditions were created for increased investment in the renewable energy sector.
But this investment was made more in the solar energy sector. The Trump administration had placed restrictions on licensing offshore wind farms. The Biden government is expected to provide not only the necessary conditions for public and private
investment in offshore wind farms in most states, especially from Virginia to Florida,
but also the necessary facilities for the development of technology in the production
of solar panels and the conditions for technology export and export of solar panels.
Meanwhile, the increase in employment in the renewable energy sector has also
been considered by Biden (www.woodmac.com 2020a, b).
Support the Production of Electric Vehicles
Biden’s special interest in the Paris Agreement on Environment—Renewable
Energy and Green Economy will make energy efficiency more and more important.
Biden intends to further reduce fossil fuel consumption by introducing new fuel
consumption laws (www.nbcnews.com 2020a, b). If the Biden government can
enact such laws as planned, in addition to the crane tax, the number of electric
vehicles in the country is projected to reach four million by 2030. Meanwhile, the
Biden government plans to focus more on domestically produced electric vehicles
to create more jobs in the automotive industry. If this number of electric cars is
produced and marketed daily, the number of electric cars will increase by 60% compared to the Trump era. However, it should be noted that the impact of this amount
of electric vehicles on gasoline demand in the United States will be minimal over
the next 10 years. By 2030, the total number of used cars in the United States is
projected to reach 275 million. If four million electronic vehicles are produced and
marketed on schedule, the figure will be about 1.5% compared to total vehicles
(www.woodmac.com 2020a, b).
Biden Climate Plan
Global Oil Supply
Like the previous democratic administrations in the United States, Biden has shown
interest in multilateral diplomacy. This would mean a possible route for Iran and
Venezuela to pull out of Washington sanctions and return their oil to the market if
the right conditions exist. US sanctions against Iran and Venezuela during Trump’s
presidency have removed three million barrels a day of oil from international markets, equivalent to more than 3% of global oil supplies. The Biden campaign did not
provide details on how to address these issues (https://oilprice.com 2020a, b, c, d).
Renewable Energy
Under Trump, the share of renewable energy in the US energy basket increased.
Despite Trump’s oil policy and his full support for the country’s oil industry, the
conditions were created for increased investment in the renewable energy sector.
But this investment was made more in the solar energy sector. The Trump administration had placed restrictions on licensing offshore wind farms. The Biden government is expected to provide not only the necessary conditions for public and private
investment in offshore wind farms in most states, especially from Virginia to Florida,
but also the necessary facilities for the development of technology in the production
of solar panels and the conditions for technology export and export of solar panels.
Meanwhile, the increase in employment in the renewable energy sector has also
been considered by Biden (www.woodmac.com 2020a, b).
Support the Production of Electric Vehicles
Biden’s special interest in the Paris Agreement on Environment—Renewable
Energy and Green Economy will make energy efficiency more and more important.
Biden intends to further reduce fossil fuel consumption by introducing new fuel
consumption laws (www.nbcnews.com 2020a, b). If the Biden government can
enact such laws as planned, in addition to the crane tax, the number of electric
vehicles in the country is projected to reach four million by 2030. Meanwhile, the
Biden government plans to focus more on domestically produced electric vehicles
to create more jobs in the automotive industry. If this number of electric cars is
produced and marketed daily, the number of electric cars will increase by 60% compared to the Trump era. However, it should be noted that the impact of this amount
of electric vehicles on gasoline demand in the United States will be minimal over
the next 10 years. By 2030, the total number of used cars in the United States is
projected to reach 275 million. If four million electronic vehicles are produced and
marketed on schedule, the figure will be about 1.5% compared to total vehicles
(www.woodmac.com 2020a, b).
Biden Climate Plan