Larry Kudlow rebuffs Biden claim to ‘transition from oil industry’ in 15 yearsOctober 25, 2020
White House economic adviser Larry Kudlow rejected Democratic presidential nominee Joe Biden’s claim that he would phase out fossil fuels in 15 years.
“In 15 years? Renewables are less than 10 percent of our total energy. And you’re not going to remake that in 15 years,” Kudlow told radio host John Catsimatidis on WABC 770 on Sunday. “Pricing is not favorable. Natural gas is very cheap.”
During Thursday’s presidential debate, Biden during a discussion about climate change was asked by President Trump is he would end the oil industry.
Biden said he has a plan to “transition from the oil industry.”
“It has to be replaced by renewable energy over time, over time. And I’d stop giving to the oil industry. I’d stop giving them federal subsidies,” Biden said.
Trump shot back: “Basically what he is saying is he is going to destroy the oil industry. Will you remember that Texas? Pennsylvania? Oklahoma? Ohio?”
The former vice president later clarified his comments about the fossil fuel industry to say he was talking about fuel subsidies.
“Eventually we’re going to have to go to oil, but we’re not getting rid of fossil fuels,” Biden said. “We’re getting rid of the subsidies for fossil fuels, but we’re not getting rid of fossil fuels for a long time.”
Biden’s $2 trillion climate plan calls for the US to achieve net-zero carbon emissions by 2050 by eventually replacing fossil fuels with clean energy.
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