The impact of the colonial pipeline failure could be a preview of what would happen if President Biden stepped forward with his front-hitting attack on the oil and gas industry.
Fuel shortages, gas lines and rising prices have raged across the eastern seaboard after hackers deployed a 5,500-mile colonial pipeline last week. Pipelines deliver more than 100 million gallons of fuel a day, or nearly half of the East Coast’s supply.
“The shortage is becoming a common practice across the United States,” said Texas State Railroad Commissioner Wayne Christian, the agency that oversees the state’s oil and gas industry when discussing Biden’s energy agenda.
Eighty-eight percent of Washington, D.C., gas stations ran out of fuel on Friday, according to GasBuddy.At least half of the stations in South Carolina, North Carolina and Virginia were also dry, with Tennessee, Georgia and Florida also experiencing problems. The big interruption as well.
A supply shortage has resulted in gasoline prices surging to $ 7 a gallon at at least one station in Richmond, Virginia. The national average rose 7 cents to $ 3.04 a gallon, the highest in seven years since the pipeline offline on Friday.
Gas prices are already higher this year, gaining $ 1.17 a gallon from a year ago, largely driven by increased demand as the economic recovery from the COVID-19 shutdown garnered momentum. But it also helped raise prices was the executive order signed by Biden in the early days of his administration designed to “Transition” the US economy away from dependence on fossil fuels.
The president, just hours in his administration, revoked a license for the Keystone XL pipeline and at least temporarily stopped drilling federal land and waters. He also joined the United States for the 2016 Paris Climate Agreement and pledged to reduce greenhouse gas emissions from 2005 levels by at least 50 percent by 2030.
Colonial pipe hacking promotes BIPARTISAN response to Capital Hill.
All of this is aimed at helping the U.S. economy achieve zero carbon emissions by 2050.
“The policy around the pipeline will be driven by safety, must be driven by accountability from a climate perspective and from an economic perspective, and you will see that in the future, our energy system will go through a lot of changes,” said Pete Transport Minister Buttigieg told Washington Post Live on Friday.
The economic impact is one of the top concerns for states that find themselves hit by Biden’s climate agenda.
The Keystone XL pipeline is going to provide a “windfall” for Eastern Montana, said Austin Knudsen, state attorney general.
Not only does the state lose $ 127 million in annual wages, But it also includes an additional $ 60 million in annual tax revenue that goes toward fund, the sheriff’s office, fire department, schools and roads. That does not include the economic damage caused by the federal ban on drilling in territories and waters.
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Ken Paxton, Attorney General for Knudsen and Texas, in March led a coalition of 21 lawyers general in the Biden’s administration lawsuit.
The United States Constitution provides Congress, not the president – the power of interstate and international commerce. The controversial portion of the Keystone XL pipeline begins in Alberta, Canada and travels through Montana, North Dakota, South Dakota and Nebraska.
Legal battles are likely to be waged but Knudsen is expected to win in the end.
“Congress took action in 2011 under President Obama,” he said. “They voted for the Keystone XL pipeline via Congress, and President Obama left it to the law. Joe Biden could not be reached back. Just in time and release the bell. “