Day 1 of the Biden Presidency saw the reversal of several of the Trump administration’s environmental policies, including tighter vehicle emissions standards, a moratorium on oil and natural gas leases in the Arctic National Wildlife Refuge and revoking the permit for expanding and re-routing the Keystone oil pipeline from Canada to the Gulf of Mexico. Biden also announced that the United States will re-join the Paris Climate Accord and has previously raised the possibility of a carbon tax.   

These and other measures are likely to undermine the conditions that have given low electricity costs to many parts of the US and made the US an oil and gas net exporter for the first time in...