The effects of Biden and sanctions on energy and commodity prices

The effects of Biden and sanctions on energy and commodity prices

US President Joe Biden has already been in the White House for 14 months, and Russia’s invasion of Ukraine and the US-led economic sanctions against it have just marked one month, and things are worsening. Here are 10 emerging trends, global and national.

BIDEN’S EFFECT ON FOSSIL FUEL PRICES AND SUPPLY
One: Biden and the US Democrat Party campaigned, among other issues, for a war on fossil fuels. And on Day 1 of his administration, Jan. 20, 2021, he announced a halt to oil-gas drilling in federal lands, and the killing of the Keystone XL pipeline that would bring some 800,000 barrels per day of Canada crude oil to the US. See these reports:

1. “In intimate moment, Biden vows to ‘end fossil fuel’,” AP News, Sept. 7, 2019 (“I guarantee you. We’re going to end fossil fuel.”)
2. “Keystone XL pipeline halted as Biden revokes permit,” AP News, Jan. 21, […]

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