Biden must ‘stop the fall in gasoline prices,’ set $5 gallon minimum to combat climate change: Bloomberg op-ed
Bloomberg opinion published a piece Wednesday calling for President Biden to increase gas prices, intentionally and forever, in order to hasten a transition to alternate forms of energy. The op-ed, written by columnist Eduardo Porter, called for a “$5-a-gallon floor on gasoline prices.”
Porter described the policy as “one bold move” that would put a “real dent” in “the emission of heat-trapping carbon dioxide that is causing such havoc with the weather,” although he admitted it was unlikely the president would make it.
“As any economist will tell him, the most efficient way to reduce fossil fuel consumption is to raise its price relative to alternatives, encouraging people and businesses to switch to cleaner sources and use less energy altogether,” Porter wrote.
Biden faced backlash in June for suggesting that high energy prices are a “chance” to make a “fundamental turn” to so-called clean energy.
“The beauty of this moment for the president is that he wouldn’t have to deploy any political capital for this to happen,” Porter wrote. – READ MORE
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