The Center for Strategic Thinking Paths has published an analytical paper entitled “The United States and the Role as a Swing Producer,” in which it examined the role of the United States as a swing producer of oil and gas.
“Europe is in a desperate economic recession, with rising energy prices weakening the ability of homeowners to heat their homes; small businesses are unable to solve their problems, and energy-intensive industries are unable to continue operating,” the center said. “High prices are also affecting other countries around the world, including close allies in the Pacific Rim.”
“The United States has crude oil and gas resources, which allow it to be an alternative producer capable of filling much of the current shortage. Accordingly, the Biden administration should make a greater contribution to mitigating these problems. Instead, it should emphasize that the United States focus its ambitions and funding on developing renewable energy resources, although these new sources will require decades to replace oil and gas energy in the modern economy,” the center stressed in the paper.
“The Biden administration is also ignoring the fact that renewable energy production depends on China — which accounts for 80 percent of the global supply of solar panels; 58 percent of wind turbines; 60 percent of the rare earth elements needed for solar power and associated equipment used everywhere to support the modern economy; and nearly 80 percent of lithium-ion batteries needed for electric vehicles and energy storage in a renewables-based electrical grid,” the report noted.
“China is also the world’s largest emitter of carbon dioxide and methane and continues to build new fossil fuel capacity,” the report stated. “The United States needs to determine a genuinely realistic course to address the economic and political crises caused by Russian aggression in Ukraine and reduce the environmental damage caused by the need to replace Russian oil and gas with other sources.”
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