On Tuesday’s broadcast of Bloomberg’s “Balance of Power,” Biden energy coordinator Amos Hochstein stated that the White House wants an increase in American oil production and wants other countries to follow America’s lead in taking actions “to accelerate the energy transition” and “take strong actions that incentivize investment into clean energy.”
Hochstein said, “What we’ve told the industry in the United States is that we would like to see them increase production in order to match the demand in the United States and to make sure we don’t have these spikes of energy prices that disrupt economic activity. In order to — for them to understand the playing field in the market, we’ve told them, look, we have released — the President took decisive action and released 180 million barrels out of the Strategic Petroleum Reserve just in the last seven months. We need to replenish those reserves, and, when prices get to somewhere in the $70 range on a consistent basis, maybe a little bit around that area, but, again on a consistent basis, then we will start to buy barrels back and to resupply the Strategic Reserve.”
He later added, “[T]he IRA is the most significant climate legislation we’ve ever passed and is a remarkable positive step on investing, not just in electric vehicles, but across the board, on getting us to accelerate the energy transition in a meaningful, physical way. And that is what we needed to jumpstart the next phase of our combating climate and we hope that other countries follow suit and take strong actions that incentivize investment into clean energy.”
Follow Ian Hanchett on Twitter @IanHanchett
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