OPEC+ announced last week that it will cut oil production by 2 million barrels per day starting in November, driving up prices globally. The U.S. responded by framing the cuts to oil production as a nakedly self-serving move that will benefit Russia, singling out Saudi Arabia as the ringleader of that collective effort.
As part of an effort to build out a domestic supply chain for renewable technologies, like electric car vehicles, U.S. President Joe Biden invoked the Defense Production Act to speed up domestic production of lithium and other critical materials. But the push to expand mining in the U.S. faces strong headwinds.
The great environmental benefit of electric vehicles, no matter where they are produced or driven, is that they generate zero tailpipe emissions. That’s a huge plus, given that transportation accounts for 14 percent of global greenhouse gas emissions and about 8 percent in China. But the environmental news isn’t all good.
