A Biden Presidency Could Cripple Arctic Energy Opportunities

A Biden Presidency Could Cripple Arctic Energy Opportunities

June 23, 2020

With Joe Biden holding a double-digit polling lead over President Trump as we approach July, many progressives are getting excited about his chances of victory in November.

Power The Future knows that whoever lives at 1600 Pennsylvania Avenue will have an incredible impact on what the energy economy will look like in the future.

As Alaska begins to rebound from the double whammy of COVID-19 and low oil prices, coupled with a budget deficit that could reach $2B annually in the next year or two, it will be imperative that all options for adding responsible development projects into the revenue stream for the State be made available.  With a Biden presidency, that could become problematic.

On March 15th, Biden announced that he would – among other things harmful to the oil and gas industry that powers Alaska’s economy – ban drilling on federal lands and end fracking, saying:

“Number one, no more subsidies for fossil fuel industry. No more drilling on federal lands. No more drilling, including offshore. No ability for the oil industry to continue to drill, period, ends, number one.”

Biden’s official campaign position on energy and climate says that, on day one (presumably by Executive Order), he’d damage Alaska’s energy future by:

  • Requir[ing] any federal permitting decision to consider the effects of greenhouse gas emissions and climate change.
  • Requiring public companies to disclose climate risks and the greenhouse gas emissions in their operations and supply chains.
  • Protecting America’s natural treasures by permanently protecting the Arctic National Wildlife Refuge and other areas impacted by President Trump’s attack on federal lands and waters…banning new oil and gas permitting on public lands and waters, modifying royalties to account for climate costs…

As Alaskans consider how they plan to interact with government in the coming years, deciding whether they want new taxes, cuts in government services or increased revenues coming from economic development, Power The Future will continue to provide background information on prospective policies and their potential impacts.