The Obama administration has been pushing for a methane leakage reduction rule that would require the oil and gas industry to capture and compress methane from their operations. The rule was first proposed in 2013, but was met with stiff resistance from the oil and gas industry. After months of negotiations, Vice President Biden announced on Tuesday that the rule will be finalized without his help. This is a big blow to the Obama administration’s climate change agenda, as methane is one of the most potent greenhouse gases. The methane leakage reduction rule would have prevented approximately 280 million metric tons of CO2 from being released into the atmosphere over 20 years. The Trump administration has already indicated its opposition to the rule, and it’s unclear if or when it will be finalized.
Biden announces plan to reduce gas prices
Vice President Joe Biden announced a plan on Wednesday to reduce gas prices by up to 20 cents per gallon by the end of his term in office. The plan, which is expected to cost the government $20 billion over ten years, focuses on research and development of alternative fuels and improving infrastructure. However, analysts say that gas prices are likely to drop regardless of whether or not Biden’s plan is successful, as OPEC has begun reducing oil production.
Analysis of Biden’s plan
Gas prices have been on the rise for the past several years, and in recent months they have increased even more. However, one politician thinks he has a solution to this problem – Vice President Joe Biden.
Biden announced his plan for reducing gas prices on Monday morning during a speech at an oil refinery in Delaware. His plan includes investing in infrastructure improvements like pipelines and refineries, as well as increasing production of oil and natural gas.
Although Biden’s proposal sounds promising, analysts say it is unlikely that it will be able to significantly reduce gas prices without additional government intervention. In fact, many economists believe that gasoline prices are largely determined by global supply and demand factors outside of any individual country’s control.
Regardless of whether or not Biden’s plan can successfully reduce gas prices, it is clear that people are increasingly concerned about the high cost of fuel. This issue will likely continue to be a topic of discussion until either the price of gasoline decreases significantly or new policies are put into place to address the underlying causes behind the increase in gas prices.
Reaction to Biden’s plan
According to the latest reports, gas prices are steadily declining and may soon be below $2 per gallon. This is good news for drivers, but there’s no guarantee that Vice President Biden’s proposed plan will have any impact on prices.
Biden’s plan would invest in infrastructure to increase production of domestic oil and gas, while also creating jobs in the energy sector. However, some experts believe that the proposal isn’t enough to spur significant price drops.
“It would be a step in the right direction but it falls far short of what we need,” said Tom Kloza, senior energy analyst at Oil Price Information Service. “The market has been signaling this for quite some time now.”
Overall, analysts agree that prices will continue to decline regardless of Biden’s plans – though they’re hopeful that his initiative will provide some relief for consumers.
How Biden’s plan would work
President Obama announced plans to reduce U.S. dependence on oil last week, and one of the strategies he outlined is investing in renewable energy sources like solar and wind. But while his plan is a start, it won’t solve America’s long-term problem with gas prices.
Vice President Joe Biden has a different solution – one that would decrease reliance on foreign oil by increasing production here at home. Biden’s plan would create millions of jobs, lower food costs for American families, and reduce our nation’s carbon footprint.
Biden’s strategy starts by removing barriers to drilling in ANWR and offshore, increasing production from existing wells, expanding hydroelectric power capacity, and developing alternative fuel sources like biofuels from corn and switchgrass. All of this would help reduce our nation’s dependence on foreign oil by creating jobs here in America and reducing our environmental impact.
Low gas prices are here to stay
Gas prices are set to continue their downward trend, with or without help from Vice President Biden. The latest data shows that the national average price for a gallon of gasoline is $2.27, which is 26 cents less than last week and a nickel lower than it was at this time last year. Prices in most parts of the country are also down significantly from where they were just a few months ago. In fact, some stations are selling gas for as low as $1.99 per gallon.
Although there’s still some way to go before prices reach their lowest point, experts say that the current trend is unlikely to change any time soon. Domestic production continues to increase and demand remains relatively stable, so suppliers are not currently able to bring prices down any further. Additionally, oil supplies have been decreasing for quite some time now, so refiners have had to reduce the amount of gasoline that they’re selling in order to make room for more expensive products.
These factors have combined to keep prices relatively high over the past few years even as other expenses like food and housing have gone up. However, given the current economic conditions and the increasing competition from alternative fuels, analysts expect gas prices to continue falling in the near future.
Biden’s plan won’t help much
The price of gas is dropping, but it’s not because of Biden’s plan. The reason is due to a supply and demand issue. Domestic oil production has been increasing, and this has driven down the price of oil. However, even with this increase in production, demand continues to outstrip supply. This means that gas prices will continue to drop until there is an increase in domestic production or an increase in demand. Bobby Jindal’s plan would help address the increase in demand, but it wouldn’t address the decrease in production.
What you can do to save money on gas
There are a few things that you can do to save money on gas, even if the price of gasoline goes up.
One way to save money on gas is to drive less. According to the AAA, drivers who use public transportation or carpooling can save an average of $350 per year on fuel. If driving isn’t an option for you, try to avoid using high-cost brands of gasoline. Instead, buy generic or mid-grade fuels.
You can also reduce your dependence on oil by conserving energy. Try turning off all the lights when you leave a room and unplug electronics when not in use. Also consider installing solar panels or wind turbines if you have the space for them.
Conclusion
Gas prices are trending down and some experts say there’s no need for President Barack Obama to help with the situation. With or without Biden, gas prices appear headed towards $2 per gallon by Memorial Day.
