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Could Greenflation Derail The Commodity Supercycle?

Could Greenflation Derail The Commodity Supercycle?

The global energy transition is…

Biden’s $3.5 Trillion Clean Energy Plan Takes Flak From Democrats

President Joe Biden’s $3.5-trillion spending plan was thrown into doubt after Joe Manchin, a Democratic Senator of West Virginia, opposed the clean electricity part of the program and the penalization of coal-powered electricity generation.

The Biden Administration has been pushing for legislation on clean energy goals to be included in the spending bill, hopefully to go to the COP26 summit in Glasgow at the end of this month with a plan for fighting climate change. But Senator Manchin of the coal state West Virginia opposes the versions the Democrats have proposed. Senator Manchin’s vote in favor of the plan put forward by Democrats would have been crucial in a divided 50-50 Senate.

“We want to make sure we have reliable power,” Senator Manchin said on Monday. The coal mines “are not going to close,” he added, as carried by Bloomberg.

The senator opposes the proposed Clean Electricity Performance Program, or CEPP—a $150-billion program to incentivize power generating firms to switch from coal and natural gas to clean energy sources such as wind and solar power. The program would also fine utilities that do not switch to green energy sources.

The Biden Administration is pitching CEPP as the key to reaching the goal of having 100 percent of America’s electricity come from zero-emission sources by 2035.

The Democrats are struggling now with including the program in the reconciliation budget because of Senator Manchin’s opposition.

“The CEPP is not going to happen, and they are working on alternatives, but I don’t know any that have been accepted by Manchin or the White House,” a source with knowledge of the talks told NBC News over the weekend.

“The good news is there are a range of good ideas and proposals out there from members of Congress about how this legislation can help meet that goal. And there’s no question in our minds there’s important debating right now happening about what the components of the climate proposals will be in these packages,” White House Press Secretary Jen Psaki said on Monday.

“It is absolutely pivotal that these pieces of legislation have climate components — and they will — to address the climate crisis,” she added.

By Charles Kennedy for Oilprice.com

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  • Kay Uwe Boehm on October 19 2021 said:
    Gas price did go down since some days from top at low before maybe to low also driven by medias and lack of right infornation about huge gas supply and reserves in world and in europe but also fracking blocked in FRG, france & england and much time lost until new aggrements for expoloring mediterian sea gas mass of italy, greece, spain, israel egypt, turkey etc. also new gas in black sea of turkey and in england still main gas producer in europe norway about 25% alone to FRG 50% also buying much from LNG Rotterdam..
    A little less storage filling rate above 77% last year 95% likely because of special cold april with freezing days record not supply problems with new aserbaidjan not new Nordstream 2 already open and high norway level.

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