{
"authors": [
"Deborah Gordon",
"Shin-pei Tsay"
],
"type": "legacyinthemedia",
"centerAffiliationAll": "dc",
"centers": [
"Carnegie Endowment for International Peace"
],
"collections": [],
"englishNewsletterAll": "ctw",
"nonEnglishNewsletterAll": "",
"primaryCenter": "Carnegie Endowment for International Peace",
"programAffiliation": "SCP",
"programs": [
"Sustainability, Climate, and Geopolitics"
],
"projects": [],
"regions": [
"North America",
"United States"
],
"topics": [
"Climate Change"
]
}
Source: Getty
Although Washington cannot stabilize global oil prices that are largely a result of external events over which the United States has little control, policymakers can make a difference in dampening the impact of volatile oil prices.
Source: Politico
The first step is to eliminate Big Oil subsidies and tax breaks, immediately. As evidenced by ExxonMobil’s posted first quarter profits of nearly $11 billion, the oil companies do not need hard-earned tax dollars to survive. The next step is for Congress to set an oil price floor — now, when gas prices are high — to spur ongoing innovation and promote alternatives to oil and autos. Seventy percent of oil consumed in the United States is for transportation, yet funding to upgrade our transportation system suffers from serious insolvency. A fixed, paltry 18.4 cents a gallon funds transportation whether the price of gas is $2 or $4 a gallon. So when oil prices rise, only Big Oil benefits.
It’s high time that we find other ways of fueling our mobility.
Former Director and Senior Fellow, Energy and Climate Program
Gordon was director of Carnegie’s Energy and Climate Program, where her research focuses on oil and climate change issues in North America and globally.
Former Nonresident Associate, Energy and Climate Program
Shin-pei Tsay was a nonresident associate in the Energy and Climate Program at the Carnegie Endowment for International Peace.
Carnegie India does not take institutional positions on public policy issues; the views represented herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.
On the last day of the India AI Impact Summit, India signed Pax Silica, a U.S.-led declaration seemingly focused on semiconductors. While India’s accession to the same was not entirely unforeseen, becoming a signatory nation this quickly was not on the cards either.
Konark Bhandari
This piece examines India’s response to U.S. sanctions and tariffs, specifically assessing the immediate market consequences, such as alterations in import costs, and the broader strategic implications for India’s energy security and foreign policy orientation.
Vrinda Sahai
On July 30, 2025, the United States announced 25 percent tariffs on Indian goods. While diplomatic tensions simmered on the trade front, a cosmic calm prevailed at the Sriharikota launch range. Officials from NASA and ISRO were preparing to launch an engineering marvel into space—the NASA-ISRO Synthetic Aperture Radar (NISAR), marking a significant milestone in the India-U.S. bilateral partnership.
Tejas Bharadwaj
The India-U.S. relationship currently appears buffeted between three “Ts”—TRUST, Tariffs, and Trump.
Arun K. Singh
As part of the TRUST initiative, leaders of the two countries committed to building trusted and resilient supply chains, including for semiconductors and critical minerals. India and the United States have made steady progress in this area over the years. This essay explores the takeaways from discussions on semiconductor supply chains that took place at Carnegie India’s 9th Global Technology Summit.
Konark Bhandari