Senator Joe Manchin of West Virginia made headlines when he opposed the Inflation Reduction Act, a bill that included substantial funding for renewables, among other energies. The bill was in limbo for several months, as his support was crucial for its passage. Eventually, Manchin relented, and the bill passed in August 2022, earmarking $479 billion for new energy, clean energy, and climate investment. This bill, in combination with the Infrastructure bill passed in 2021, signifies a significant investment in energy and climate technologies.
In a recent opinion piece for the Washington Post, Senator Manchin commended President Biden for the record-breaking energy production achievements in the United States. He highlighted the country’s increased production of oil, gas, and renewable energy, leading to energy independence. Manchin emphasizes the need for a balanced approach between investing in current technologies and betting on the future for energy security. He stresses the importance of innovation in ensuring reliable power and preventing rolling brownouts or blackouts.
The United States has seen significant accomplishments in oil and gas production, ranking number 1 in crude oil production, followed by Saudi Arabia and Russia. The Permian basin, known for its oil shales, contributes a substantial portion of oil production in the U.S. Additionally, gas production in the country has reached a record high in 2023. The U.S. leads in liquefied natural gas exports, providing a vital source of energy security, particularly for Europe amid geopolitical tensions.
Despite the milestones achieved in oil and gas production, the U.S. has also made progress in renewable energy sources. Wind and solar grid power outputs have reached record levels, although they lag behind natural gas, nuclear, and coal in terms of power generation. While renewables still have ground to cover to match traditional energy sources, their increasing outputs signify a transition towards cleaner energy production in the country.
While Senator Manchin emphasizes energy security and the importance of reliable power sources, he overlooks the critical issue of climate security. Climate change poses a significant threat to the world’s stability and prosperity, with the U.S. being a significant contributor to greenhouse gas emissions. The oil and gas industry, responsible for around 50% of global emissions, plays a role in exacerbating climate insecurity. It is essential to prioritize reducing emissions and investing in innovative technologies to mitigate the impacts of climate change.
Innovation in energy technologies is crucial for addressing climate change and transitioning towards a more sustainable energy future. While challenges exist in areas such as nuclear fusion and the affordability of clean energy alternatives, progress is being made in areas like carbon capture and hydrogen technologies. Bill Gates, through Breakthrough Energy Ventures, has invested in companies working on carbon capture technologies and other climate solutions, emphasizing the need for collaboration between start-ups and established energy companies to accelerate progress in the energy transition.
