Energy & Science
Biden’s Latest Surprise Boost for Oil Involves Lots of Asphalt
- Plan pledges $131 billion to highways and capping old wells
- Corporate tax increase may offset the gains: Evercore ISI
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President Joe Biden, who made clean energy a core tenet of his campaign, plans to set off one more oil-sector boom before shadows descend on fossil fuels.
In a $2.25 trillion infrastructure proposal unveiled Wednesday, Biden earmarked $115 billion for roads and bridges, and another $16 billion to put laid-off oilfield laborers to work plugging abandoned wells across the nation. Those are in addition to sweeping investments in electric vehicles and renewable power, sectors more in keeping with the administration’s green tinge.