All articles tagged with #energypolitics
OPEC+ has agreed to extend its oil production cuts through the end of 2025, potentially raising energy prices in the U.S. ahead of the 2024 elections. This move could create a supply deficit in the global market, leading to higher prices. The Biden administration is concerned about the impact on energy costs and is considering measures like releasing gasoline reserves to mitigate price spikes.
The Energy Department is offering a $2.3 billion loan to Lithium Americas to boost domestic lithium production for electric vehicle batteries. The loan would fund the construction of a lithium carbonate processing plant at Thacker Pass in Nevada, which contains the largest known lithium deposit in North America. This move aims to strengthen the domestic supply chain for critical minerals and support the Biden administration's goal of reaching net zero emissions by 2050 through the broader adoption of electric vehicles.