New OPEC+ To Injure The Environment
OPEC+ will increase output by 137,000 barrels a day in the best month. It is as if the decision was made just as Dona;d Trump attacked wind power, and may undermine the financing of solar. Cheap crude will help supply demand, particularly in the US where electricity costs will rise sharply over the next few years.
American oil companies have been told to “Drill Baby Drill. Public lands will open up to them, This should drive down oil prices further. The floor is where they cannot make it. For Saudi Arabia, the leader of OPEC+, the number is much lower than it is today.
Low crude prices mean more emissions. Since many governments and companies have abandoned emission reduction, it may matter little.
Goodbye Green
Oil reserves still have not reached their peak accounting to many excerpts. The head of Chevron said his company will pump as much oil as is necessary as long as the world wants it. Investment in solar and wind have become more risky, at least in the US. Nuclear power will take years to figure out. The need for coal is part of this rotation back to fossil fuels.
With the exception of China, the world’s largest developed nations have given up what they promised in Paris.
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