Joe Biden Pushes G20 Energy Producing Countries to Increase Production

President Joe Biden asked the global leaders to increase Energy output as the United States faces a coal shortage and rising prices. A Biden administration official said during a press briefing Friday that Biden will ask foreign leaders to Speed up their Energy production.

The official said that it’s a delicate time in the global economy. The global Energy demand is back to the pre-pandemic level but the supply is not. Within the G20 there are major consumers of Energy and there are major suppliers of Energy. The officials like to raise the issue and underscore the importance of finding more balance and stability, both in oil markets and gas markets.

Some Republicans have taken issue with Biden’s plea to the international community including Texas Rep. August Pfluger, who represents the oil-rich area of West Texas. The Biden administration’s move comes as the demand for electricity in the United States is surging which has driven natural gas prices to record highs and Bloomberg reports that coal miners are “sold out” for 2022 after power producers have signed multi-year contracts for every ton they can get.

The coal crunch has many causes including the post-pandemic boom, supply-chain issues, and efforts to reduce carbon emissions. Experts believe the strain will last at least through the winter, heightening concerns in many countries of fuel shortfalls in the upcoming months.