(Baton Rouge’s The Advocate guest columnist Greg Upton is an associate research professor at the Louisiana State University Center for Energy Studies.) Democrat Joe Biden made history in becoming the first presidential nominee for any major party to hold the official position of “banning new oil and gas permitting on public lands and waters” as part of his plan for climate change. Two obvious questions: Will it be effective in reducing greenhouse gas emissions? Short answer: No. Secondly, how would the plan impact Louisiana? Short answer: Devastation. Oil and natural gas production on U.S. federal lands and waters accounts for less than 3 percent globally. If permits are discontinued, it would likely take about a decade for production to decline with no new drilling. How might this aid in an energy transition? Simple answer: It wouldn’t. This policy would create adjusted price increases to energy costs for consumers/businesses. In the long run, supply and demand will balance out at about the same level, with or without the ban. Impact on Louisiana. The state’s mining sector employs some 30,000 workers. Another 38,000 employed in refining and chemical manufacturing, and thousands more in related industries. A ban on offshore drilling would cause ripple effects throughout the supply chain and devastate communities like Houma and Lafayette. According to the World Bank, the U.S. has achieved a 16 percent CO2 reduction in emissions since 2007. It all occurred during a period of record amounts of O&G production. Prior policies operated within markets, in stark contrast to an outright ban. There are well-researched environmental policies that can aid in further accelerating decarbonization. Biden’s proposal to end offshore drilling is unlikely to speed decarbonization and, if enacted, will wreck Louisiana. (The Advocate’s guest columnist’s opinion 08/25/20) https://www.theadvocate.com/baton_rouge/opinion/article_cda0bab2-e3c2-11ea-8184-932993f3f6fb.html
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