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<ul class="summary-list"><li>The SBA expanded its loan programs to support investments in clean energy businesses.</li><li>It will also let lenders apply to extend loan sizes up to $2 million for climate-related projects.</li></ul>The Small Business Administration is <a target="_blank" class="" href="https://www.businessinsider.com/sba-loans-small-business-lending-rules-change-2023-8">expanding its loan programs</a> to support investments in <a target="_blank" class="" href="https://www.businessinsider.com/us-renewable-energy-transition-solar-electric-vehicles-hit-records-2024-2">clean energy</a> and <a target="_blank" class="" href="https://www.businessinsider.com/biden-administration-wants-boost-clean-energy-pay-through-tax-credits-2024-6">climate-friendly businesses</a>.The SBA announced on July 22 that it is increasing the maximum loan available through its Community Advantage program — which provides financing to entrepreneurs in underserved markets, like low-income communities — with increased flexibility for <a target="_blank" class="" href="https://www.businessinsider.com/how-the-climate-crisis-can-change-make-economy-better-resilient-2023-9">climate-focused projects</a>.The SBA will increase the maximum loan amount for active lenders to $500,000 from $350,000. It is also creating an application process for lenders to expand their loan size up to $2 million for climate-focused projects or $1 million for general projects.Lastly, the SBA will create an application for Community Advantage lenders to expand their geographic reach.The changes are part of the SBA's green lender initiative, which aims to enroll more climate-focused lenders in SBA programs and raise capital <a target="_blank" class="" href="https://www.businessinsider.com/jobs-climate-manufacturing-work-best-places-georgia-carolinas-2024-1">to support sustainable businesses</a>.Isabel Guzman, the administrator of the SBA, said in a statement that the green lender initiative aims to support "mission-driven climate lenders" and help fund "the small business clean energy transition.""Small businesses and homes account for more than one-third of US emissions, so it is vital that they are part of the solution," Guzman said.SBA loans, provided through banks or other financial institutions, help entrepreneurs raise capital.The SBA offers three main types of loans:<ul><li>Microloans range from $500 to $50,000 and are offered through nonprofit community-based lenders.</li><li>504 loans provide financing up to $5.5 million for major fixed assets like real estate and are provided through certified development companies — nonprofits regulated by the SBA to provide loans.</li><li>7(a) loans provide long-term financing up to $5 million for general small business investments and are offered through most banks. The SBA guarantees 85% of 7(a) loans up to $150,000 and 75% on loans larger than that amount.</li></ul>Community Advantage — the program being expanded by the green lender initiative — is a segment of the 7(a) loan program."SBA loans have been assisting small businesses and the lenders who support them for decades," Katie Frost, associate administrator for the SBA Office of Capital Access — which helps businesses find lenders — said in a <a target="_blank" class="" href="https://www.sba.gov/article/2024/07/22/biden-harris-administration-opens-sba-loan-programs-new-green-lenders-help-small-businesses-meet">statement</a>. "The SBA is excited to welcome green banks and similar institutions into SBA lending, to capitalize on these benefits and broaden their support to more American small businesses."<h2 id="dd41d010-97e4-4f2c-8584-f56dcf925fb5">SBA focuses on climate-friendly businesses</h2>The expansion of the SBA's loan programs comes after several years of record entrepreneurship. Under the Biden administration, there have been <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2024/06/12/statement-from-president-joe-biden-on-a-record-18-million-small-business-applications/#:~:text=Today%2C%20my%20Administration%20announced%20over,powered%20our%20economic%20comeback%20continues">18 million small business</a> applications. Additionally, in past years, the SBA has <a target="_blank" class="" href="https://www.businessinsider.com/sba-loans-small-business-lending-rules-change-2023-8">revised its loan requirements</a> to expand outreach to underserved communities.The SBA's focus on climate-friendly businesses is part of the Biden administration's green energy goals, which include a carbon pollution-free power sector by 2035 and a <a target="_blank" class="" href="https://www.whitehouse.gov/briefing-room/statements-releases/2023/04/20/fact-sheet-president-biden-to-catalyze-global-climate-action-through-the-major-economies-forum-on-energy-and-climate/#:~:text=Putting%20the%20Power%20Sector%20on%20a%20Path%20to%20Net%20Zero%20Emissions&amp;text=President%20Biden%20has%20set%20an,by%20no%20later%20than%202050.">zero-emission economy</a> by 2050.The 2022 Inflation Reduction Act — the largest <a target="_blank" class="" href="https://www.businessinsider.com/house-passes-inflation-reduction-act-sending-it-to-biden-2022-8">climate-focused federal package in US history</a> — approved spending on green energy projects, including authorizing the $27 billion <a target="_blank" class="" href="https://www.epa.gov/greenhouse-gas-reduction-fund">Greenhouse Gas Reduction Fund</a> through the Environmental Protection Agency.The green lender initiative will help small businesses tap into this fund, according to the SBA."The green lending initiative will help advance EPA's and SBA's shared goals of ensuring that communities and small businesses have access to the capital they need to support and benefit from a cleaner and more sustainable economy," Michael S. Regan, EPA administrator, said in a statement.Are you a small-business owner or entrepreneur scaling a startup right now? This reporter wants to hear from you. Please reach out at <a target="_blank" class="" href="mailto:jtowfighi@businessinsider.com">jtowfighi@businessinsider.com</a>

The Biden administration is giving entrepreneurs a shot at loans up to $2 million for climate-focused projects

<ul class="summary-list"><li>The European Union risks missing its 2030 climate goals, with Germany and Italy lagging behind.</li><li>The two countries may have to spend €15 billion on carbon credits to comply with a climate law.</li></ul>The European Union is at risk of missing its ambitious climate goals for 2030, and Germany and Italy are largely to blame.The two countries are so far off track of cutting greenhouse gas emissions in industries like transportation and buildings that they could be forced to spend upwards of $16.1 billion (€15 billion) on carbon credits to comply with an EU law, <a target="_blank" href="https://www.transportenvironment.org/articles/12-eu-countries-fail-to-comply-with-2030-national-climate-targets-new-study">according to research by T&amp;E</a>, a nonprofit that advocates for cleaner transportation.There's just one problem: Germany and Italy could eat up the majority of credits available across the EU, setting up a costly bidding war by other countries that also miss their climate goals."Germany and Italy are eating up all available carbon credits from their neighbours, leaving them stranded and at risk of legal proceedings," Sofie Defour, climate director at T&amp;E, said in a statement. "The German government will soon have to face its citizens asking for even more money and deepening the budget crisis yet further, to make up for their weak policies."An EU climate law, known as the Effort Sharing Regulation, sets binding emissions reduction targets for each of the bloc's 27 countries. The overall goal is to slash emissions by 40% by 2030, compared to 2005 levels. The law applies to industries like transportation, buildings, and agriculture, which account for just under two-thirds of EU emissions.Countries that miss their climate targets can buy credits from neighboring ones that outperform their goals.Spain is expected to have the most surpluses, T&amp;E found, followed by Greece and Poland. But at least 12 countries are on track to miss their national climate targets.Attempts by countries including Germany, Italy, and France to slash emissions from agriculture and transportation <a target="_blank" href="https://www.businessinsider.com/angry-european-farmers-protests-tractors-roads-manure-eu-green-deal-2024-2">have sparked protests by farmers and citizens</a> worried they will push up the costs and make EU products more expensive than imports.The backlash helped the far-right gain seats in the European Parliament following the election this month.Defour said countries face a choice: pay billions to their neighbors for their carbon debt or implement stronger climate policies, such as insulating houses to make them more energy efficient.

Germany and Italy are the biggest climate laggards in Europe, study finds      

<ul class="summary-list"><li>Supreme Court will likely discard the Chevron doctrine, which empowers federal agencies.</li><li>The decision could make it easier for courts to block President Joe Biden's climate policies.</li></ul>Climate advocates and business groups are closely watching the <a target="_blank" href="https://www.businessinsider.com/what-cases-supreme-court-hasnt-decided-trump-immunity-2024-6">US Supreme Court</a> this week.The court could issue a ruling that sharply curtails the federal government's power to regulate the environment, including <a target="_blank" href="https://www.businessinsider.com/how-to-vote-climate-issue-2024-election-biden-trump-guide">President Joe Biden's climate policies</a>.The case involves a group of commercial fishermen who opposed fees they had to pay to have federal observers aboard their vessels to prevent overfishing. But at the center is 40 decades of legal precedent known as the Chevron doctrine that has shaped the role of federal agencies.Business groups and conservatives argue that the doctrine allows federal bureaucrats to overstep their authority on issues related not only to the environment but to broad swaths of the economy. The lawyers representing the commercial fisherman are from the Cause of Action Institute, a nonprofit group in the libertarian network built by Charles Koch, the petrochemicals billionaire who has advocated for deregulation.Environmental groups are worried that overturning the Chevron doctrine will make it easier for courts to block regulations, especially those from the Biden administration designed to curb greenhouse-gas emissions that are warming the planet.Here's what to know:<h2 id="595da1ae-b802-4da6-8a2e-a41ff0dc70fc">What is the Chevron doctrine?</h2>Congress writes laws, and federal agencies write the rules to implement them. But Congress isn't always clear, and it doesn't regularly update old laws to reflect scientific or technological advancements.The Chevron doctrine holds that when the law is ambiguous, courts should defer to the federal agency's interpretation, as long as it's reasonable. These agencies are often staffed by people with technical and scientific expertise that judges don't have.That precedent stems from <a target="_blank" href="https://tile.loc.gov/storage-services/service/ll/usrep/usrep467/usrep467837/usrep467837.pdf">a 1984 court case</a> over air-pollution rules issued by the Environmental Protection Agency under President Ronald Reagan. The decision was actually a defeat for environmentalists; the Natural Resources Defense Council had sought a more expansive definition of pollutants at big industrial plants like Chevron's but lost."The doctrine was neutral," said David Doniger, a senior attorney at the NRDC who argued the original Chevron case on behalf of the group. "It originally came up in a Reagan administration effort to weaken the Clean Air Act."Doniger said that since then, the Chevron opinion has been cited more than 15,000 times by courts across the country. But he added that as the Obama and Biden administrations have pushed for stronger environmental policies, business groups and conservatives have come to see Chevron as "systematically enabling the government to do more."<h2 id="0419d5a5-8f7c-4e7c-8e07-d66aff2cd2bc">Where do the justices stand?</h2>Legal experts say the Supreme Court, with its conservative majority, is likely to overturn or significantly limit the Chevron doctrine.Justice Neil Gorsuch, a Trump appointee, said in oral arguments in January that Chevron was problematic for small businesses and individuals with little power to influence federal agencies.But Justice Elena Kagan, an Obama appointee, argued that health, safety, and environmental regulations protecting the public could be upended if Chevron were overturned.<h2 id="3c75ff4e-8b79-4bb9-b62f-824850c9c80a">What could be affected?</h2>Doniger said that while reining in Chevron could make it easier to win cases aimed at rolling back Biden's climate policies, it's hard to make predictions without knowing the scope of the Supreme Court's ruling.The EPA over the past year has set <a target="_blank" href="https://www.businessinsider.com/biden-ev-emissions-rule-labor-unions-auto-industry-2024-3">stricter limits on emissions from cars</a>, trucks, power plants, and oil and gas infrastructure, <a target="_blank" href="https://www.businessinsider.com/epa-hazardous-forever-chemicals-drinking-water-limits-2024-4">as well as on toxic chemicals in tap water</a> — all of which are the targets of lawsuits from Republican-led states, the fossil-fuel industry, or other businesses."Lawyers will try to characterize these rules as stretching EPA authority," Doniger said.Meanwhile, he added, administrative lawyers have been preparing for this very scenario at the Supreme Court. Biden's EPA hasn't relied on the Chevron doctrine to defend its climate rules.That's a departure from the Obama years, when the EPA cited the Chevron doctrine in its attempt to set the first limits on carbon emissions from power plants. Lengthy court battles ensued, and the Trump administration ultimately shelved the plan.

The Supreme Court is poised to unleash a weapon against Biden's climate policies

New Delhi: India's fossil fuel emissions are projected to rise by 4.6 per cent in 2024, while China could see a marginal rise of 0.2 per cent, according to new research by a group of international scientists. As the UN climate conference in Baku, Azerbaijan, discussed raising trillions of dollars to tackle <keyword id="19907392" type="General" weightage="20" keywordseo="Climate-change" source="keywords">climate change</keyword>, the group of scientists known as the "Global Carbon Project" warned that emissions from fossil fuels -- the main driver of warming -- could hit a record 37.4 billion tonnes in 2024, up 0.8 percent from 2023 levels. This comes despite rapid growth in renewable energy and a landmark agreement at COP28 in Dubai last year to move away from fossil fuels. The "<keyword id="23948569" type="General" weightage="20" keywordseo="Global-carbon-budget-2024" source="keywords">Global Carbon Budget 2024</keyword>" report said total global CO2 emissions are set to go up from 40.6 billion tons in 2023 to 41.6 billion metric tons in 2024, which is on course to become the warmest year on record. "The impacts of climate change are becoming increasingly dramatic, yet we still see no sign that burning of fossil fuels has peaked," Professor Pierre Friedlingstein of Exeter's Global Systems Institute, who led the study, said. The 'Global Carbon Project' team said India, the world's most populous country and fastest-growing major economy, may see its fossil fuel emissions rise by 4.6 percent. According to a UN report released last month, India's greenhouse gas emissions surged by 6.1 per cent in 2023, contributing to 8 per cent of the global total. However, the country's historical contribution to global CO2 emissions stands at only 3 per cent. India's per capita emissions remain low at 2.9 tons of CO2 equivalent (tCO2e), far below the global average of 6.6 tCO2e. India, the world's third-largest greenhouse gas emitter, has pledged to reach net zero emissions (balancing emissions with removals) by 2070 and aims to achieve 500 gigawatts of renewable energy capacity by 2030. China's emissions, which make up 32 per cent of the global total, are likely to increase slightly by 0.2 per cent, though there is a chance they could decline, according to the data released on Wednesday. Emissions from the United States and the European Union, which contribute 13 per cent and 7 per cent of the global total, are both set to decline, with drops of 0.6 per cent for the US and 3.8 per cent for the EU. Emissions from the rest of the world, which together account for 38 per cent of global emissions, could see a rise of 1.1 per cent. The researchers said that in 2024, coal emissions will likely increase by 0.2 per cent, oil by 0.9 per cent, and gas by 2.4 per cent, globally. Coal, oil, and gas contribute 41 per cent, 32 per cent, and 21 per cent of global fossil CO2 emissions, respectively. However, given the uncertainty in projections, it remains possible that coal emissions could decline in 2024, they said. The report also pointed out that emissions from international aviation and shipping, which account for 3 per cent of global emissions and are tracked separately from national or regional totals, are expected to rise by 7.8 per cent in 2024. However, these emissions will still be 3.5 per cent below the 2019 pre-pandemic levels. Globally, emissions from land-use changes, like deforestation, have dropped by 20 per cent over the past decade but are expected to rise in 2024. Permanent CO2 removal through reforestation and new forest planting now offsets about half of the emissions from permanent deforestation, they added. Technology-based CO2 removal accounts for only a tiny fraction -- around one-millionth -- of CO2 emissions from fossil fuels. The report said that emissions from fires in 2024 have been above the average since the beginning of the satellite record in 2003, particularly due to the extreme 2023 wildfire season in Canada (which continued into 2024) and severe drought in Brazil. Land and ocean carbon sinks continued to absorb around half of the total carbon emissions, despite being negatively affected by climate change.

Global fossil emissions to reach record high in 2024; India's share to rise by 4.6 pc: Report

<ul class="summary-list"><li>Only 1 in 20 Gen Z workers have "green" skills, according to a LinkedIn analysis.</li><li>Nearly two-thirds of Gen Z workers said the main barrier is a lack of job opportunities.</li></ul>Gen Z is considered the most climate-conscious generation, with nearly two-thirds saying they want a "green" job within the next five years.That's according to a LinkedIn analysis, which found only 1 in 20 Gen Z workers have "green" skills like measuring carbon emissions, building solar, wind, and electric vehicle projects, reducing waste, or protecting water quality.LinkedIn classified several hundred skills as "green" and analyzed data from more than one billion people and 65 million companies using the networking platform between January 2016 and March 2024. In May, LinkedIn also conducted an online survey of more than 7,000 global workers in the US, Europe, Brazil, and the United Arab Emirates to capture a snapshot of Gen Z's perception of green jobs.The green skills gap could make it harder for governments and companies to meet their climate goals, LinkedIn warned, especially with Gen Z on track to account for 30% of the global workforce by 2030. Efforts to reduce greenhouse gas emissions from cars, trucks, buildings, the power grid, and the food system could <a target="_blank" href="https://action.deloitte.com/insight/3340/an-overview-of-green-job-growth">create hundreds of millions of jobs</a> around the world. And while the skills shortage is most acute among Gen Z, it is part <a target="_blank" href="https://www.businessinsider.com/sustainability-jobs-skills-gap-energy-transition-solar-carbon-emissions-2023-11">of a broader trend across the labor market</a>.Some 63% of Gen Z workers said the top barrier was a lack of available opportunities. That may be because employers are looking to hire people with prior experience or a certain technical skill, said Efrem Bycer, senior lead manager of public policy and economic graph at LinkedIn. But he also hears a lot of employers say they want workers who are hungry to learn and solve problems."The data tells us that Gen Z has that in spades," Bycer said, noting that two-thirds of Gen Z said they were interested in training programs.Bycer added that employers need to align their climate goals with a hiring plan and identify green skills they can teach people on the job. There are also job titles that might not sound "green" but do help a company reduce its environmental impact. Employers could explain the connection in job descriptions."If you think the universe of climate jobs have sustainability in the title or are at a climate tech company, that's a limited view," Bycer said. " There's a lot more jobs that contribute to climate action. So the problem is partly skills, partly signaling."President Joe Biden is trying to address the green skills gap with the American Climate Corps, which is modeled after <a target="_blank" href="https://www.roosevelthouse.hunter.cuny.edu/exhibits/new-deal-90-civilian-conservation-corps-march-31-1933/">a New Deal-era program</a> that hired millions of men to conserve public lands, forests, and parks.The administration said they expect thousands of young people to fill <a target="_blank" href="https://www.acc.gov/join/">American Climate Corps jobs this summer</a> that train them to reduce wildfire risks in national forests, respond to natural disasters, install solar panels, and provide environmental education.Do you work a job that's helping solve the climate crisis? Reach out to this reporter at <a target="_blank" href="mailto:cboudreau@insider.com">cboudreau@insider.com</a>.

Gen Z wants jobs that help solve the climate crisis but has no idea how to get them 

<ul class="summary-list"><li>Younger Americans are moving to rural areas, reshaping demographics and economies.</li><li>Census data shows a shift from cities to rural areas for people ages 25 to 44 since 2020.</li></ul>America's younger workers don't want to be city slickers anymore. Instead, they're heading to <a target="_blank" class="" href="https://www.businessinsider.com/we-moved-somewhere-rural-more-peaceful-life-and-had-problems-2023-12">rural areas.</a>Communities with under 250,000 residents have seen a growing influx of Gen Z and millennial movers. About 63% of counties classified as rural or in small metros had increases in this age demographic between 2020 and 2023 — compared to 27% between 2010 and 2013, based on an <a target="_blank" class="" href="https://www.coopercenter.org/research/young-adults-fuel-revival-small-towns-rural-areas">analysis</a> by Hamilton Lombard, a demographer at the University of Virginia.In particular, young people are flocking to rural communities in the Colorado <a target="_blank" class="" href="https://www.businessinsider.com/most-important-vc-investors-rocky-mountains-colorado-utah-montana-wyoming-2023-8">Rockies</a>, Georgia's Blue Ridge Mountains, and Montana's lakes, drawn by new work opportunities and the appeal of living surrounded by nature, Lombard's analysis showed.This map shows the percentage change in every US county for those aged 25 to 24 between 2020 and 2023. Many of the biggest gainers are rural and exurban areas in the South and Mountain West.The top 10 counties with the highest net percent increase between 2020 and 2023 of those aged 25 to 44 were all either rural or in metro areas with fewer than 250,000 residents.On the other hand, cities have seen stagnant or declining populations among the 25-44 age group. Of the 10 most populous US counties, five had declines, while two stayed the same. Los Angeles County had a 4% net loss in this demographic, while Kings County — or Brooklyn — lost 8%.Lombard said there's been a surge of young people moving to South Carolina, North Carolina, and Tennessee, oftentimes for work. He also said young people are moving back to the Flint, Michigan, area after many moved out amid the water crisis."In Knoxville's case, some of that has to do with the return to nuclear power; that's where Oak Ridge was, and there's still a large nuclear industry," Lombard said. "In Huntsville, aerospace is taking off. There's huge battery technology going in along I-85 going from Atlanta up toward Spartansburg."Indeed, the "Battery Belt" in the South has seen <a target="_blank" class="" href="https://www.businessinsider.com/south-korea-companies-jobs-manufacturing-evs-chips-batteries-2024-9">billions in manufacturing investments</a> pouring in, including from South Korean firms looking to build up their own production infrastructure. A study from strategic communications firm Climate Power <a target="_blank" class="" href="https://climatepower.us/wp-content/uploads/2024/06/Clean-Energy-Boom-300K-Paper.pdf">found</a> that <a target="_blank" class="" href="https://www.businessinsider.com/georgia-electric-vehicle-battery-manufacturing-inflation-reduction-act-clean-energy-2024-9">Georgia</a> has added over 30,500 jobs since the passage of the Inflation Reduction Act.Lombard said, citing IRS data, that new business applications rose 13% faster in rural counties and small metro areas than in larger urban areas.<h2 id="cbea701b-e35b-4e2a-aa3e-0ea9b316c336">In the 2010s, young people flocked to cities. Now they're leaving.</h2>In the 2010s, Lombard said the US experienced the highest rate in over half a century of young adults leaving rural counties and small metro areas to move to large metro areas.However, starting in 2017 — and accelerating in the first few years of the 2020s — younger people have <a target="_blank" class="" href="https://www.businessinsider.com/moving-away-big-city-bad-career-job-market-suburbs-2024-4">shifted</a> toward moving to small towns and rural areas. Since 2020, rural areas and smaller cities have attracted those 25 to 44 at the highest rate in almost a century, Lombard found. Even with many companies pushing for mandatory return-to-office policies, younger Americans continued <a target="_blank" class="" href="https://www.businessinsider.com/moved-from-nyc-to-rural-vermont-heres-what-its-like-2021-4">moving to rural communities</a> in 2023 at an accelerated pace.All of these shifts come as the economy more broadly moves South. <a target="_blank" href="https://www.businessinsider.com/wealthy-leaving-california-new-york-moving-florida-texas-reasons-effects-2024-8">Southern states have already lured in wealthier residents</a>, and population growth has <a target="_blank" href="https://www.businessinsider.com/best-economy-us-south-texas-florida-houston-dallas-nashville-miami-2023-12">boomed there</a> — as has the region's economy. But the new data shows that while younger Americans might more broadly be moving South, it's not just to urban strongholds; there could also be a bonafide rural boom.While Lombard acknowledged an influx of young people could drive prices up, he said many of these communities have experienced shrinking workforces and are thankful to have workers alleviate some shortages."It is tough if you don't own your home, and you have lots of people coming in and your rents go up," Lombard said. "Sometimes people have to move further out to be able to afford that. But overall, when you look at this trend, a lot of rural counties think it's something that's largely welcome, unless there's a massive flood coming in."Are you a younger worker who moved into a rural area? Contact these reporters at <a target="_blank" href="mailto:nsheidlower@businessinsider.com">nsheidlower@businessinsider.com</a> and <a target="_blank" href="mailto:jkaplan@businessinsider.com">jkaplan@businessinsider.com</a>.

This map shows the rural places where young Americans are moving

<ul class="summary-list"><li>Trump has said he plans to bring down gas prices by boosting US oil production.</li><li>ExxonMobil CEO Darren Woods doesn't see a US oil boom in the near future.</li></ul>President-elect Donald Trump's promise to unleash a <a target="_blank" class="" href="https://www.businessinsider.com/cost-expensive-goods-price-impact-presidential-election-scenarios-trump-harris-2024-10">big oil boom</a> in the US and lower gas prices is running up against a market reality: The world is already awash in fossil fuels. ExxonMobil CEO Darren Woods told <a target="_blank" class="" href="https://www.semafor.com/article/11/12/2024/exxon-ceo-darren-woods-donald-trump-shouldnt-scrap-methane-regulations">Semafor</a> on November 12 that while he wants to maintain US oil production at its current highs, the market is already well supplied. "I don't think today that production in the US is constrained," he said. "I don't know that there's an opportunity to unleash a lot of production in the near term." During the presidential campaign, Trump said that he planned to lower energy prices — including the <a target="_blank" class="" href="https://www.nytimes.com/2024/09/10/us/politics/trump-economics-gas-tariffs-inflation.html">cost of gas</a> — by increasing US oil production. "We will frack, frack, frack and drill, baby, drill," Trump <a target="_blank" class="" href="https://www.factcheck.org/2024/10/the-issues-trumps-proposal-to-lower-prices-by-increasing-energy-production/">said</a> in October. "I will cut your energy prices in half within 12 months." In September, Trump <a target="_blank" class="" href="https://www.nytimes.com/2024/09/10/us/politics/trump-economics-gas-tariffs-inflation.html">said</a> he would reduce gas prices to below $2 a gallon. Energy analysts told Business Insider that big oil companies are more focused on returning money to shareholders than investing in projects that boost production, especially because China isn't importing as much oil due to its economic downturn. Their comments underscore how little control a US president has over the oil and gas market, including prices at the pump. "It's a global market," Ben Cahill, director of energy markets and policy at the University of Texas at Austin, told BI. "There's very little any president can do to change the direction of oil or gasoline prices." Cahill added that he expects the US to increase oil production, but it will happen gradually. The US is already producing record amounts of oil, at <a target="_blank" href="https://www.eia.gov/todayinenergy/detail.php?id=61545">12.9 million barrels of crude a day in 2023</a> compared with about 11 million barrels per day in 2020, when Trump was in office. Last year, the US also became the world's biggest exporter of natural gas. In October, the US Energy Information Administration <a target="_blank" href="https://www.enerdata.net/publications/daily-energy-news/us-eia-expects-domestic-crude-oil-production-reach-135-mbd-2025.html#:~:text=At%20a%20global%20scale%2C%20the,13.5%20mb%2Fd%20in%202025.">projected</a> that the US would produce 13.5million barrels a day in 2025, hitting another record. And there is room for the industry to expand. Woods <a target="_blank" href="https://www.cnbc.com/2024/11/01/exxon-ceo-says-us-election-wont-affect-oil-production.html">told</a> CNBC earlier this month that there are areas in the Gulf of Mexico — where federal leasing hasn't allowed companies to drill — that could be a source of additional oil production in the long term. Patrick De Haan, head of petroleum analysis at GasBuddy, told BI that Trump could take some steps to try to boost US oil production, including easing regulations to open up additional places for companies to drill and working with OPEC. However, he said boosting oil production while keeping prices at a desired level is a "delicate balance" for the industry. "If oil prices drop, you're likely to see a natural decline in US oil production over the long run," he said, adding, "Oil companies have shareholders to be accountable to." In recent years, the US has increased oil production even as President Joe Biden imposed stricter limits on greenhouse gas emissions from power plants, oil and gas infrastructure, and gas-powered vehicles to help slow the climate crisis. In a separate interview with <a target="_blank" class="" href="https://www.wsj.com/business/energy-oil/exxon-says-trump-should-keep-u-s-in-paris-climate-pact-3d8de471">The Wall Street Journal</a>, Woods added that the US shouldn't drop out of the Paris Agreement as Trump did in his first term and has promised to do again. The nearly 200 countries signed onto that agreement <a target="_blank" class="" href="https://www.businessinsider.com/countries-strike-historic-climate-dealfossil-fuels-dubai-2023-12">struck a deal last year at the UN climate summit </a>to move away from fossil fuels this decade and the triple renewable energy by 2030. Woods told Semafor that he supports Biden's limits on methane emissions from the oil and gas sector. Exxon and other US oil majors have goals to reduce emissions, but climate scientists warn<a target="_blank" class="" href="https://www.businessinsider.com/exxon-chevron-investors-reject-climate-change-proposals-2023-6">they aren't aggressive enough</a> to avert catastrophic levels of global warming.

Trump said he'll unleash an oil boom. Exxon Mobil CEO says not so fast.

<ul class="summary-list"><li>Private jet travel has surged in recent years, and two big changes explain why.</li><li>The COVID-19 pandemic pushed many to opt for private planes.</li></ul>Flying private has gotten a lot more popular over the last several years.The number of miles flown by private jets soared 53% between 2019 and 2023, while the number of private aircraft rose by 28%, according to <a target="_blank" href="https://affiliate.insider.com?h=bb670b62fe8601c53f0889bedb04ce80a89285ec5116fc9bfce8af0b92d7edbd&amp;postID=672e281e1153528a7c5476e4&amp;postSlug=private-jets-soaring-popularity-pandemic-costing-taxpayers-environment-2024-11&amp;site=bi&amp;u=https%3A%2F%2Fwww.nature.com%2Farticles%2Fs43247-024-01775-z%3Futm_campaign%3Dheatmap_am%26utm_medium%3Demail%26_hsenc%3Dp2ANqtz--vq6RgIU87OiaVJyWfQp3iftvp2MS7Dkc9PJqq0pmWvFSj6lVdf4st7myisjTFMgJFzXJTcDWFXZOM6BTtLE3b3ycu2NAARlpnMBLHahNAHpjJ1hM%26_hsmi%3D332998403%26utm_content%3D332998403%26utm_source%3Dhs_email">a major new study</a> published in Nature.Two big factors led to that spike in private flights: The pandemic and a spate of more affordable options for flying private.When the pandemic hit in 2020, both commercial and private flights ground to a near-halt. But soon, private jet travel surged even as <a target="_blank" class="" href="https://fortune.com/2024/04/29/business-travel-trends-pre-pandemic-levels-zoom-era-corporate-flights/">commercial flying remained depressed</a>.While <a target="_blank" class="" href="https://www.bts.gov/newsroom/full-year-2021-and-december-2021-us-airline-traffic-data#:~:text=U.S.%20airlines%20carried%20674%20million,2019's%20927%20million%20(unadjusted)">commercial airline ridership</a> was down 27% in the US between 2019 and 2021, over the same period, business jet flights were up from about <a target="_blank" class="" href="https://aspm.faa.gov/apmd/sys/bjpdf/b-jet-202410.pdf">3.8 million to about 4.4 million</a>. Many of those who could afford to avoid cramped commercial airline cabins — and the extra exposure to the virus that comes with that — <a target="_blank" class="" href="https://www.reuters.com/business/aerospace-defense/new-jet-set-how-covid-driven-boom-private-jets-is-still-flying-high-2022-05-02/">opted to charter or purchase a private plane</a>.Meanwhile, fractional ownership of private planes, fly-share services, subscriptions to private jet companies, and other on-demand private flying options have also grown <a target="_blank" class="" href="https://www.avbuyer.com/articles/business-aviation-market-analysis/new-jet-deliveries-to-fractional-programs-increases-113837#:~:text=Winding%20back%20the%20clock%2010%20years%20to,in%202023%20it's%20already%20risen%20to%2016.8%.">much more popular</a> and <a target="_blank" class="" href="https://www.cntraveler.com/story/all-the-ways-to-fly-private-starting-at-dollar100-per-flight">made private flying more accessible and affordable</a>.New services have made it possible to find and book private flights from a smartphone. While purchasing a private plane costs millions of dollars, on-demand private flying through newer services like Blade can charge <a target="_blank" class="" href="https://www.blade.com/price-new-york-miami">as little as $1,700</a> to jet <a target="_blank" class="" href="https://www.businessinsider.com/blade-one-private-jet-seat-new-york-miami-photos-review-2022-12">from New York City to Miami</a>. That's not much more than the <a target="_blank" href="https://affiliate.insider.com?h=2ed5c9bdb1346b6ac93979e86ed8f5005d86da32ff8ca9e12d99f23c589a9394&amp;postID=672e281e1153528a7c5476e4&amp;postSlug=private-jets-soaring-popularity-pandemic-costing-taxpayers-environment-2024-11&amp;site=bi&amp;u=https%3A%2F%2Fwww.momondo.com%2Fflights%2FFirst-Class-United-States-US0%2FMiami-MIA.fc.ksp%23%3A~%3Atext%3D%24981%2520is%2520the%2520average%2520price%2CAmerican%2520Airlines%2520flights%2520to%2520Miami%3F">nearly $1,000 price tag</a> of a typical first-class commercial ticket between those two cities.In the years since the COVID-19 outbreak, <a target="_blank" class="" href="https://www.businessinsider.com/affordable-luxury-air-travel-on-the-rise-private-jets-2024-6">industry experts say</a> customers have a higher budget for travel and are more willing to spend big to make it luxurious. These days, those who fly private say time savings and convenience are the biggest reasons, <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://privatejetcardcomparisons.com/2024/10/14/the-top-reasons-for-choosing-private-jets-over-airline-flights/">a recent survey</a> of private fliers found.Private jet usage peaked in 2022 and dipped slightly last year. But private travel was still <a target="_blank" class="" href="https://privatejetcardcomparisons.com/2024/03/25/2023-private-jet-flight-hours-dip-3-7-2007-to-2023-by-year-recap/">17% higher in 2023</a> than it was in 2019. This year, demand for private air travel <a target="_blank" class="" href="https://www.cnbc.com/2024/08/16/private-jet-flights-covid-era-demand-wanes.html">has fallen a bit more</a> as costs have risen. The industry expects the number of private aircraft will <a target="_blank" class="" href="https://aerospace.honeywell.com/content/dam/aerobt/en/documents/landing-pages/brochures/2023_BusinessAviationReport.pdf">grow by almost a third</a> by 2033.The uptick in flights has led to soaring carbon emissions from private jets. The Nature study found that climate-heating emissions rose 46% between 2019 and 2023.Private jets emit up to 14 times more climate-warming pollution per passenger than commercial planes, according to a report by the NGO Transport &amp; Environment <a target="_blank" rel="noopener nofollow" href="https://www.transportenvironment.org/discover/private-jets-can-the-super-rich-supercharge-zero-emission-aviation/">in 2021</a>, largely because of smaller passenger loads and shorter flights.The US is the biggest global hub of private aviation. While the US is home to about 4% of the world's population, the Nature study noted that about 69% of private jets are registered here.US taxpayers are <a target="_blank" class="" href="https://www.businessinsider.com/ultra-wealthy-private-flyers-are-costing-average-flyers-a-lot-in-taxes-2023-5#:~:text=Private%20jet%20travel%20has%20surged,Policy%20Studies%20and%20Patriotic%20Millionaires.">heavily subsidizing private jet travel</a>. Private jet travelers pay just two percent of the taxes used to fund the Federal Aviation Administration, despite making up one in six flights handled by the FAA's air-traffic controllers, <a target="_blank" rel="noopener nofollow" href="https://ips-dc.org/report-high-flyers-2023">according to a report published in May 2023</a> by the Institute for Policy Studies and Patriotic Millionaires. Private jets also use almost 3,000 of the country's smaller airports that aren't used by any commercial airlines, but are funded in part by the FAA, the 2023 report found.

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