• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 8 days America should go after China but it should be done in a wise way.
  • 1 day Even Shell Agrees with Climate Change!
  • 3 days How Far Have We Really Gotten With Alternative Energy
  • 53 mins Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 4 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 1 hour Does Toyota Know Something That We Don’t?
  • 3 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 3 days World could get rid of Putin and Russia but nobody is bold enough

Breaking News:

Houthis Threaten More Red Sea Attacks

Oil Markets Await the Next OPEC+ Announcement

Oil Markets Await the Next OPEC+ Announcement

Oil prices remained rangebound in…

Supply Chain Woes Could Derail Biden’s Electric Vehicle Agenda

Supply Chain Woes Could Derail Biden’s Electric Vehicle Agenda

The Biden administration's electric vehicle…

U.S. Strikes Back At EU Criticism Of The Inflation Reduction Act

The United States will not apologize for prioritizing financial support for its own economy with the Inflation Reduction Act, President Biden’s senior clean energy advisor, John Podesta, told the Financial Times in an interview.

“We make no apologies for the fact that American taxpayer dollars ought to go to American investments and American jobs,” Podesta said, adding “We hope that the European industrial base will succeed, but it’s up to Europe to do some of the work. We’re not going to do that all for them.”

European Union and national government officials from the EU have slammed the IRA as harmful for European jobs in industries such as car manufacturing and energy.

The IRA stipulates government support of close to $400 billion for low-carbon technology and infrastructure. The EU is worried that this will give the U.S. an unfair advantage in the energy transition and the business opportunities it creates.

"It's not helping to build transatlantic value chains on the green transition, but rather actually severing those value chains," European trade commissioner Valdis Dombrovskis said in comments on the IRA this month.

French President Emmanuel Macron earlier warned that the IRA could lead to the fragmentation of the West.

The European Union, for all its decarbonization ambitions, has been pretty careful with subsidies but following the passing of the IRA and Washington’s obvious refusal to prioritize European jobs over local ones, this is beginning to change.

Earlier this month, the EU announced a Green Deal Industry Plan that includes more than $270 billion in subsidies to ensure “a level playing field”, according to European Commission President Ursula von der Leyen.

In his interview with the FT, Podesta dismissed the suggestion that the U.S. is in a race on low-carbon investments with the EU and noted that Washington’s generous support for the transition would spur more investments not just in the U.S. but around the world.

“The challenge of dealing with the climate crisis requires . . . a transformation of the global economy on a size and scale that’s never occurred in human history so there’s plenty of room for everybody to participate in that,” he said.

ADVERTISEMENT

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • DoRight Deikins on February 24 2023 said:
    Europe offers plenty of subsidies. They just prefer to subsidize consumers rather than producers. This makes the populace more dependent on the government - the desire of politicians, bureaucrats, and their minions everywhere.
  • Mamdouh Salameh on February 24 2023 said:
    The EU isn’t questioning the right of the United States to financially support its economy and the fight against inflation.

    It is merely slamming measures under the Inflation Reduction Act (IRA) which would adversely impact on European jobs in industries like car manufacturing and energy and could also lead to a fragmentation of the Western alliance according to French President Emanuel Macron.

    The United States is known for always looking after number one even at the expense of the interests of its allies. The Ukraine conflict is a case in point. It sparked off a conflict plunging the EU in it where the EU has no threatened vital interests and pressurized it to contribute weapons and aid worth hundreds of billions of dollars while it is providing weapons and aid with dollars it can print at well.

    Dr Mamdouh G Salameh
    International Oil Economist
    Global Energy Expert

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News