Guest Blog: Fossil Fuels in the Face of 2024 US Elections
Reuben Daoudi, a seasoned corporate litigator, has carved an illustrious career over three decades, navigating high-stakes cases that reverberate across the geopolitical landscape. His journey is steeped in multicultural roots as the son of Venezuelan immigrants. Today, Daoudi proudly calls Toronto his home, where he finds joy alongside his beloved wife and their three cherished sons.
I have seen up close how businesses and economies can be impacted by the vagaries of the geopolitical landscape. Energy security has long been a critical factor in this equation, and recent developments underline this fact more than ever.
In a world growing ever more interconnected and interdependent, the actions of foreign powers can and do profoundly affect us. Russia's long-standing position as a key oil supplier to the U.S. is an example of such a relationship. Recently, in response to geopolitical tensions, the United States has had to cease importing Russian oil. The move, while understandable from a diplomatic standpoint, has real-world implications for our domestic energy landscape.
The supply gap left by the absence of Russian oil has potential to disrupt the delicate balance of our energy mix, unless we are prepared to tackle this head-on. It is worth remembering that oil, and fossil fuels more broadly, still play a significant role in our economy. While renewable energy technologies are advancing and becoming more prevalent, they are not yet at a stage where they can wholly replace fossil fuels.
This doesn't mean we should ignore the transition to greener alternatives. Quite the opposite - we must redouble our efforts in that direction. However, we also need to recognize and prepare for the reality of our immediate energy needs. The solution lies in striking a balance between reducing our reliance on foreign oil, investing in domestic fossil fuel resources and pushing for clean energy transition.
With the 2024 elections on the horizon, energy security is not just a business concern, but a national one. Policies that ensure a stable energy supply can support economic growth, protect jobs, and keep households warm and businesses running. Candidates vying for public office must incorporate these considerations into their platforms. At this point in time, no candidate better exemplifies this approach than Florida Governor Ron Desantis.
However, it's not enough to merely understand the importance of energy security. We need leaders who can guide us towards a future where the U.S. is energy independent and resilient, while simultaneously addressing the urgent realities of climate change.
To achieve this, we must explore strategies like increased investment in oil and gas exploration domestically, while also considering ethical and environmentally friendly extraction methods. Furthermore, while we recognize the role of fossil fuels, the same level of attention must be given to the development and integration of renewables into our energy infrastructure, encouraging research and development in this area, and fostering innovation through tax incentives and subsidies.