Over the next 12 months, the Biden administration is expected to announce federal policies speeding up emissions reductions from both vehicles and power plants, the two largest drivers for oil and natural gas demand.
, the Biden administration is preparing a series of executive actions to reduce greenhouse gas emissions that have the potential to drive a nationwide shift away from oil and natural gas.
But to achieve a 50 percent reduction in emissions, the U.S. economy would need to shift much more seriously towards clean energy, likely requiring increased renewables on the power grid and rapid expansion of electric vehicle sales, whichby 2035, in line with targets already in place in Europe. And with other Democratic-led states expected to follow, it will be up to the EPA to decide whether those states can move ahead, as well as whether the agency should set a similar federal standard.
“Policy makers must know that a swift transition comes at a cost to the American consumer,” said Frank Macchiarola, senior vice president of policy at the American Petroleum Institute. “The burden falls upon them to put in place a regulatory structure that provides for stable energy markets.” At the same time, Biden is facing increasing limits on the White House’s ability to regulate greenhouse gas emissions without Congress.presidential authority in 2015 by mandating power utilities shift towards low carbon generation through the Clean Power Plan.EPA Administrator Michael Reagan said his agency was moving ahead on a new rule
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