Chairman Sheldon Whitehouse (DR.I.) conducts Senate Budget Committee hearing at Dirksen … [+]
Senate Democrats tried to blame the U.S. oil and natural gas industry for climate change during a Senate Budget Committee hearing Wednesday.
The hearing, titled “Denial, Disinformation, and Double-Speak: Big Oil Companies’ Evolving Efforts to Evade Accountability on Climate Change,” highlighted how oil and gas companies are misleading the public with climate change disinformation campaigns. He accused her of deceiving him. But while Democrats released a trove of documents supporting their claims, the hearing fell far short of its purpose.
Instead, the hearing and accompanying joint Congressional report were a reversal of existing findings from the Democratic-led House Oversight Committee’s 2022 investigation. Both the new report and the previous investigation reek of partisan politics, and both fail to uncover any meaningful evidence of deception.
It is difficult to see the point of the May 1 hearings, other than at the expense of American taxpayers’ time and resources. The latest hearings and reports pose a risk to more than 30 state-level climate change lawsuits seeking to punish the fossil fuel industry. Perhaps that was the aim of Senate Budget Chairman Sheldon Whitehouse (DR.I.). Hearings like this one and related lawsuits, relying on unsubstantiated claims, can have a negative impact on an industry that is the engine of the U.S. economy. But if that’s the goal, you’re misguided. Shutting down the U.S. energy industry will only push us into an energy crisis and make it even more difficult to address climate change.
Sen. Whitehouse and other Democrats spent much of their time on the Senate Budget Committee accusing U.S. oil and gas companies of “greenwashing” the public about their contributions to climate change. . In doing so, Democrats ignored aggressive efforts to help these companies meet our nation’s energy needs while advancing the development of climate-solution technologies.
The US and Saudi Arabia are said to be close to a historic security agreement (Photo courtesy of the Saudi Royal Court) … [+]
Demand for the products these companies produce isn’t going away any time soon. The U.S. Energy Information Administration’s (EIA) 2023 Annual Energy Outlook predicts that global fossil fuel demand will increase, not decrease. This means that our economic output requires more investment in energy production, not less. The EIA also found that oil and natural gas will be the most sought-after fuels in the United States until at least 2050.
Burbank, California: Exxon gas station in Burbank, California is advertising gas prices. (Photo credit: David … [+]
With so much economic dependence on fossil fuels, the transition to renewable resources will be economically costly and time-consuming. But that hasn’t stopped big oil companies from committing to net-zero and low-carbon goals.ExxonMobil’s
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Michael Ratner, an energy expert with the Congressional Research Service, testified before the Budget Committee that eliminating the use of fossil fuels would have an immediate impact on the U.S. economy and put upward pressure on energy prices. Rushing the energy transition will further increase economic uncertainty and impact across government priorities, including tackling climate change.
The Senate hearing revealed nothing new or salacious. But such a political dog-and-pony show could set a dangerous precedent and add fuel to the fire of more than 30 state-level lawsuits holding oil and gas companies accountable for climate change. Both the hearing and the lawsuit ignore the industry’s continued efforts to develop new technologies that reduce carbon emissions and produce affordable and abundant energy.
US President Joe Biden speaks in Southern Court about efforts to reduce high gas prices … [+]
Meanwhile, Senate Democrats’ claims that the oil industry is engaging in “greenwashing” are unfounded. According to the International Energy Agency, the U.S. oil and gas industry invested $20 billion in clean energy projects in 2022 alone. ExxonMobil has invested in a lithium mine in Arkansas for EV battery production, advances in carbon capture and storage technology, and the development of hydrogen and biofuel technologies. Democratic lawmakers seem to want energy producers to commit to low-carbon technologies and combat climate change, but even if they show serious commitment, they will be maligned for doing so.
For years, energy producers have called for a seat at the table to solve energy and climate challenges. It’s time for the federal government, environmentalists, utilities, and oil and gas companies to consider how they can work together instead of dragging C-SPAN along.
Senate hearing calls for oil and gas companies to invest in their core businesses while developing innovative technologies to combat climate change and reduce the environmental impact of their products – products Americans depend on. It became clear once again what I wanted.
The White House’s Senate hearings were a distraction from its primary job of promoting solutions for America’s energy economy that federal officials must recognize to ensure America’s energy is reliable, secure, and affordable. It was a distraction. Instead of pointing fingers, Senate Democrats need to work with industry to come up with real solutions.
