The Biden Administration approved a staggering $500 million for oil development in the Middle East as the United States’s oil supply will face a shortage by the end of 2025.
The U.S. Export-Import Bank, approved a multi-million dollar loan guarantee for oil and gas development in Bahrain on Thursday, making it the fifth major project the bank has backed since President Joe Biden’s commitment at the 2021 UN Climate Conference in Glasgow with the Clean Energy Transition Partnership (CETP).
The $500 million of financing was five times larger than what lawmakers were expecting. The bank told Bloomberg News that the loan guarantee will “increase the production of oil and the availability of gas to meet the future energy demands” of Bahrain.