Fwd: "All of the above" switches sides

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Loretta Lohman

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Dec 23, 2025, 12:13:48 PM (6 days ago) Dec 23
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Democrats take Republicans' favorite energy tagline |
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An “all of the above” energy strategy was Republicans’ default position for years, even as it acted as a shield to protect fossil fuel interests. But they’ve largely abandoned it as President Donald Trump has remade the party into one of full-throated support for fossil fuels.

Now, Democrats are trying “all of the above” on for size, using it to position themselves as the party of affordability. Today’s newsletter looks at what it means for electoral politics and the energy sector. Plus, how Ford’s partnership with CATL is helping its push into stationary energy storage.

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Under new ownership

Illustration by Yann Bastard for Bloomberg

By Kevin Crowley

The governor was fuming. The federal government had just pulled funding for what could have become a multi-billion-dollar energy project to fuel ships, trucks and buses in one of America’s largest industrial states.

“No matter what DC tries to dictate,” he raged at this intervention to withdraw government support, “we’ll continue to pursue an all-of-the above” strategy.

These types of demands for inclusive energy policies became widespread during President Joe Biden’s term, when Republican politicians and their oil industry backers routinely castigated Democrats for restricting fossil fuels while subsidizing low-carbon technologies. 

But the angry governor in the example above from earlier this year was California’s Gavin Newsom, a Democratic front-runner for the next presidential contest and the party’s loudest critic of President Donald Trump. Echoing recent Republican attacks, Newsom called out Trump’s decision to pull money from a West Coast clean-hydrogen energy hub as an ideological move that’s the antithesis of “common sense.”

It’s a sign of how all-of-the-above energy politics have suddenly changed in 2025. In the latest example this week, the Trump administration suspended leases for all five wind farms under construction off the East Coast. Meanwhile, Newsom, a staunch clean-energy supporter, has spent recent months promoting more oil production, reducing fossil fuel regulations and nixing plans for a profit cap on refineries.

Sensing that plug prices are replacing pump prices as a key political battleground, some prominent Democrats are now taking on the all-of-the-above mantle as quickly as Trump and his allies are abandoning it in their drive to curtail renewable-energy projects. The governor-elect of Virginia, Abigail Spanberger, ran on an all-of-the-above energy policy in the country’s top location for power-hungry data centers. Pennsylvania’s Josh Shapiro calls himself “an all-of-the-above energy governor” while running a key swing state. New York Gov. Kathy Hochul’s recent embrace of natural gas is part of her plan to boost “reliable and clean” power, in a textbook example of all of the above.

“There’s clearly a political motivation for it,” said Ben Cahill, director of energy markets and policy at the University of Texas at Austin. “Democrats have realized that affordability is going to be a big issue in the next election season.”

The play for energy’s center ground is made possible by Trump’s aggressive moves to kill wind and solar projects at a time when power demand is expected to grow 35% by 2040 due to the unprecedented build-out of data centers for artificial intelligence. Nationally, electricity costs rose 5.1% in the 12-month period ending in September 2025 and are expected to rise further as the power system undertakes upgrades to cope with extreme weather made worse by climate change.

Trump’s moves against renewable energy contradict more than two decades of GOP policy. Since George W. Bush’s presidency, Republicans have combined support for oil and gas with backing for growth in wind and solar power. The focus on energy abundance — rather than elimination — fit well with Republicans’ preference for free markets. Crucially, it also acted as a rhetorical shield for oil and gas interests in a world that increasingly viewed fossil fuels as the major cause of climate change.

But Trump has transformed the Republican position into a preference for some energy resources and opposition to others. He declared an energy emergency in January to wield sweeping Cold War-era powers to fast-track pipelines, expand power grids and save struggling coal plants while encouraging oil producers with constant calls to “drill, baby, drill.”

Those efforts are increasingly twinned with attempts to stifle clean energy. Now, it’s the clean-energy industry’s turn to feel aggrieved.

Read the full story, including the origins of “all of the above” during the Clinton era.  You can subscribe to Bloomberg News for more coverage of the politics shaping the energy transition.

Exports as control 

$80 billion
The amount of liquified natural gas the US exported through July. That's well below China's $120 billion in clean tech exports.

International relations

"Countries like Saudi Arabia feel emboldened by Trump to promote fossil fuels."
Linda Kalcher
Founder, Strategic Perspectives think tank
Trump's global push to keep the world using fossil fuels is leading other countries to follow in the US's footsteps.

Best of Green: Mia Mottley on Zero

Since becoming Prime Minister of Barbados in 2018, Mia Mottley has become known as a moral force for action on climate change. The Bridgetown Initiative, which she launched at COP26 in 2021, transformed the conversation around climate finance – pushing rich nations to do more to support developing countries struggling with the impact of climate change.

But as the US retreats from climate action, her bold vision faces new challenges. At the Sustainable Energy for All Global Forum in Barbados, she spoke with Akshat Rathi for this March episode of Zero about why she remains optimistic and discussed the role of pragmatism in tackling the climate challenge. 

Listen now, and subscribe on AppleSpotify or YouTube to get new episodes of Zero every Thursday.

More from Green

Ford Motor Co. cut back its EV plans last week in a major announcement, but it simultaneously placed a big bet on a new business line: producing batteries for energy storage.

The pivot was made possible by Ford’s unique access to Chinese technology. When it set out to delve deeper into the EV battery business in 2023, the company inked a deal with Chinese battery juggernaut Contemporary Amperex Technology Co. Ltd. to license its lithium iron phosphate (LFP) technology. Under the new plan, it will leverage the same deal to produce larger-scale batteries for stationary storage.

Ford’s foray into big batteries is not only a first for the US automaker, but also an experiment in how much Chinese tech should feature in US industrial policy. With its CATL partnership, Ford expects to claim valuable federal tax credits while also leveraging Chinese innovation — an acrobatic feat under Biden that has become almost impossible under Trump.

Ford executives have indicated that their ultimate goal is to develop their own low-cost batteries, building on what they learn from CATL. Whether that can help the US compete against China’s substantial green tech lead, though, remains to be seen.

Read the full story

The Ford logo Photographer: Bing Guan/Bloomberg

Three Democratic lawmakers opened an inquiry into insurance ratings firm Demotech. Senators Sheldon Whitehouse, Elizabeth Warren and Ron Wyden are looking into whether Demotech’s assessments may be exposing Fannie Mae and Freddie Mac — and ultimately taxpayers — to growing risks tied to climate-driven insurer failures.

Equinor and Orsted are engaging with the US authorities over security concerns tied to their offshore wind projects. The Trump administration suspended leases at five wind farms on Monday, saying they threaten national security. 

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