Tags: Climate Change | Coronavirus | Global Warming | Joe Biden | danes | electric | malacca

Losing Fossil Fuels Under Biden Lets Our Enemies Win

joe biden wilmington delaware seaking about clean energy

Democratic presidential candidate former Vice President Joe Biden speaks at the Chase Center July 14, 2020 in Wilmington, Delaware. Biden delivered remarks on his campaign's "Build Back Better" clean energy economic plan. (Chip Somodevilla/Getty Images)

By Wednesday, 16 September 2020 02:22 PM Current | Bio | Archive

Democratic presidential candidate Joe Biden has an ambitious energy plan for our country.

The former vice president’s $2 trillion "Equitable Clean Energy Future" agenda — backed by an "enforcement mechanism" — pledges to eliminate carbon emissions from electricity by 2035 and, in the wider economy, to shift from oil, natural gas and coal (which in 2019 provided 80% of U.S. energy) to solar and wind (which provided 3.7%) and other technologies to get to "net-zero carbon" by no later than 2050.

A President Biden would recommit America to the 2015 Paris Climate Agreement that, including the European Union, Britain and Japan, have accepted the same net-zero carbon by 2050 goal.

As I wrote last year, the biggest EU player in this economically disastrous tragi-comedy is Germany, which by 2013, had already installed more solar capacity than any other nation, much of it imported from China.

Meanwhile, 40 million German households witnessed the total amount they paid for electricity increase an estimated 50% in nine years between 2006 and 2015.

And over eight years up to 2014, large business and industrial users wound up paying about one-quarter more for electricity than the EU average.

In 2014, the Danes, with the highest production of wind capacity in the world, unsurprisingly also had the highest electricity prices in the world (US 36.7 cents) per kWh, about four times what Americans did. Germans closely followed, paying an average US 33.1 cents per kWh.

Apart from the economic and social damage such policies would levy upon our national life quality, consider also what they would mean to our national security by sacrificing America’s newly realized independence from reliance on foreign oil made possible by the "shale revolution" of the past decade, otherwise known as fracking.

Such enormous good fortune could never have been imagined as recently as 2008 when the U.S. was the world’s largest importer.

America is now the leading oil and natural gas exporter — globally, ahead of Saudi Arabia and Russia.

In short, the Biden agenda would terminate an energy resource revolution that has stimulated over $200 billion of investment in new factories, generated millions of jobs, produced vital federal and state revenues, reduced the trade deficit by several hundred billion dollars, and expanded America’s policy flexibility and influence regarding foreign adversaries and allies alike.

American oil and gas exports are also important foundations of an expanding relationship between the U.S. and India.

Pulitzer Prize winner Daniel Yergin, author of a recent book "The New Map: Energy, Climate and the Clash of Nations," writes that any future Biden restrictions on fracking – a process involved with most oil and gas wells today — will result in a rapid decline of U.S. production that other countries will eagerly fill.

Although the biggest export beneficiaries would be Saudi Arabia and Russia, Yergin argues that China stands to gain the most.

While China has a robust oil industry, in fact the the world’s fifth largest, its output falls far short of what it needs to fuel the globe’s second largest economy. As a result, the country is also by far the world’s largest oil importer (75% of its petroleum consumption).

Beijing recognizes this import dependence as a major strategic weakness in dealing with assured oil import supply chains, territorial conflicts, and economic competition involving the U.S.

Their "Malacca Dilemma" centers on a narrow shipping corridor that the U.S. Navy could shut down to Chinese-bound Middle East and African oil tankers in the event of a conflict with America over Taiwan or the South China Sea. Such an occurrence would immobilize large parts of China’s economy and military.

China’s dependence on imported oil has motivated large investments in “new energies.” The country already possesses half of the world’s electric vehicles (EVs), and produces 70% of the world’s solar panels.

They also dominate the world supply of lithium, a necessary ingredient for batteries for electric cars that international governments are fashionably and generously subsidizing.

Adding all those EVs to anemic and intermittent solar power capacities will only make conditions worse…particularly when all those vehicles need to be recharged at night.

Russia, one of the world’s three largest oil producers and second biggest natural gas exporter, would benefit greatly from a Biden anti-fracking America.

With an economy smaller than Italy’s, oil and gas provides 40%-50% of the government’s operating budget, 55%-60% of export earnings, and an estimated 30% of Russia’s GDP.

Accordingly, those oil and gas revenues are key to financing Russia’s global military power and projecting Moscow’s presence as an important supply source to China and other import-dependent nations.

American pre-covid record-high, fracking-enabled, energy-independent gains as the world’s largest petroleum and natural gas producer have come about as former Middle East oil market influence has consequentially faded.

Although oil exports remain responsible for 70% of Saudi Arabia’s government revenue and 40% of the country’s GDP, they clearly see the handwriting in the sand that their long-term economic survival requires diversification to a portfolio of non-oil investments outside the country and growing the private sector.

A "Vision 2030" reform program launched in 2016 by Crown Prince Mohammad bin Salaman supports these priorities by building a sovereign wealth investment fund which, in the prince’s words, is "larger than the largest fund on Earth."

In 2007, well before Saudi Arabia began to insulate itself against oil export revenue-dependence, Abu Dhabi, the oil-rich emirate that borders Saudi Arabia, laid out its own 2030 economic vision version.

The country whose GDP was then almost entirely oil-dependent is now 60% reliant on revenues from other investment sectors.

Few to none of those diversification opportunities would exist were it not for sufficient energy of a scale to support what wasbefore COVID-19 — an $87 trillion global economy.

Let’s remember that burdened with pandemic debt, the world cannot realistically replace 84% of that current fossil-fueled energy with endless fields of wind turbines and solar panels.

We in America can’t afford that fossil-free fantasy either. In doing so, we would become our own worst enemy.

Larry Bell is an endowed professor of space architecture at the University of Houston where he founded the Sasakawa International Center for Space Architecture (SICSA) and the graduate program in space architecture. Larry has written more than 700 articles for Newsmax and Forbes and is the author of several books. Included are: "How Everything Happened, Including Us" (2020), "Cyberwarfare: Targeting America, Our Infrastructure and Our Future" (2020), "The Weaponization of AI and the Internet: How Global Networks of Infotech Overlords are Expanding Their Control Over Our Lives" (2019), "Reinventing Ourselves: How Technology is Rapidly and Radically Transforming Humanity" (2019), "Thinking Whole: Rejecting Half-Witted Left & Right Brain Limitations" (2018), "Reflections on Oceans and Puddles: One Hundred Reasons to be Enthusiastic, Grateful and Hopeful" (2017), "Cosmic Musings: Contemplating Life Beyond Self" (2016), "Scared Witless: Prophets and Profits of Climate Doom" (2015) and "Climate of Corruption: Politics and Power Behind the Global Warming Hoax" (2011). He is currently working on a new book with Buzz Aldrin, "Beyond Footprints and Flagpoles." Read Larry Bell's Reports — More Here.

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The Biden agenda would terminate an energy resource revolution that has stimulated over $200 billion of investment in new factories, generated millions of jobs, produced vital federal and state revenues, reduced the trade deficit by several hundred billion dollars.
danes, electric, malacca, covid, oil
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Wednesday, 16 September 2020 02:22 PM
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