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How High Energy Prices Could Help Both the Climate and the U.S.
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wsj.comThe surge in global energy prices triggered by Russia’s invasion of Ukraine sure doesn’t seem like any sort of blessing. It has driven up inflation, squeezed household budgets and battered President Biden’s approval ratings.
And yet for Mr. Biden, there may be a silver lining. Higher prices, if sustained, could reduce global fossil-fuel consumption and encourage the shift to zero-emission energy. At the same time, sanctions and boycotts on Russia pave the way for U.S. oil-and-gas producers to expand market share. They may thus provide Mr. Biden a pathway to both combat climate change and promote the U.S. oil-and-gas industry.
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