Who wants one stressful election when you can have two?
The news: Democrats won both runoff elections in Georgia, giving them 50 of the Senate s 100 seats. The tiebreaking vote will fall to incoming Vice President Kamala Harris in other words, Dems regained control.
Congress could likely pass legislation that allocates more funding and extends tax credits for clean energy. That may be especially good news for EV companies.
His picks for key climate and energy roles will likely be confirmed.
Biden s administration could even restrict oil producers as part of a broader tax reform, one analyst said.
Big buts: It may be obvious, but a 50-50 split in the Senate gives Democrats a very narrow majority. That will be a problem for any sweeping climate bills, especially if they appear to constrict fossil fuels.
Relief for
oil: As more people get coronavirus vaccines, demand for fuels like gasoline will tick back up. That should raise the price of oil - and provide relief to the companies that sell it. What else?
Producers will be much leaner next year, now that they ve cut spending, and that may inspire investors to load up on energy stocks.
Still, there will be pain ahead for oil firms until demand for fuel returns. Experts we spoke to offered up different dates for when that might happen, including never.
There s another reality: Should demand return, it will inevitably fall back down, following the rise of electric cars. The oil industry doesn t have a lot of growth potential in the long term.
Energy secretary: Jennifer Granholm
Who she is: The former governor of Michigan, who previously served as the state s attorney general.
Why it matters: Granholm has a close relationship with the auto industry, and the transportation sector is the largest contributor of greenhouse gas emissions. Granholm has been an outspoken proponent of clean technologies.
Interior secretary: Deb Haaland
Who she is: A congressional representative from New Mexico and one of the first two Native American s elected to congress, BI s Robin Bravender reports.
Why it matters: If confirmed by the Senate, she ll be the first Native American to lead the Interior Department and the first to lead any cabinet-level agency which oversees about 500 million acres of public lands. She has also shown a history of support for pro-climate policies and was a cosponsor of the Green New Deal.