Biden’s Aggressive Emissions Target Could Have A Major Impact On U.S. Oil

U.S. President Joe Biden unveiled on Thursday a new emissions-reduction target aiming to cut greenhouse gas emissions by 50-52 percent from 2005 levels in 2030 in an announcement that could have repercussions on America’s oil and gas industry.   As part of the new U.S. Nationally Determined Contribution (NDC) for the Paris Agreement, which President Biden re-joined on his first day in office, the U.S. will now target to achieve a 50-52 percent reduction from 2005 levels in economy-wide net greenhouse gas pollution in 2030. The Administration…