The government can fix this. It can take a more direct role in stabilizing output, insulating the industry from the vagaries of a global market. If the world is becoming a more dangerous place, then the U.S. must treat its oil-and-gas industry as the geopolitical asset that it is. It can also shelter the industry from the more volatile and disorderly energy market that decarbonization and the global transition to renewables will bring. According to a new memo by Employ America, a center-left think tank, the Biden administration could accomplish these goals in a matter of months—using three existing legal tools—while protecting American consumers from Vladimir Putin’s oil-fueled economic aggression.
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