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Yesterday, the world’s leading oil producers, the Organization of Petroleum Exporting Countries (OPEC), projected a larger decrease in oil demand than was predicted earlier in the pandemic, The Hill reported. OPEC also predicts an increase in demand next year, but that increase will not be as large as this year’s drop.
Why This Matters: Big oil and gas companies like BP may be starting to pivot away from oil, while they try to remain sunny about gas. But then The New York Times breaks a story like the one this weekend about industry lobbyists who were working hard to get the Trump administration to put in place laxer methane leak rules while knowing about the excess methane gas pollution occurring. “Pesky natural gas.” Their words, not ours.
BP Says Business As Usual is Unsustainable
BP says in its report, “The world is on an unsustainable path: the scenarios show that achieving a rapid and sustained fall in carbon emissions is likely to require a series of policy measures, led by a significant increase in carbon prices. These policies may need to be further reinforced by shifts in societal behaviors and preferences. Delaying these policy measures and societal shifts may significantly increase the scale of the challenge and lead to significant additional economic costs and disruption.”
CNN reported that this year’s report was markedly different from last year’s when they predicted demand for oil would continue for more than a decade. Analysts, according to CNN Business, say the pandemic accelerated the changeover to renewable energy. BP is releasing a new strategy in which the company reportedly will make a 10 times increase in annual low carbon investments to $5 billion by 2030, “when it expects its oil and gas production to have fallen by 40% from 2019 level,” according to CNN.
Pesky Gas Flares
The New York Times’ Hiroko Tabuchi broke the story of a recording of an oil and gas industry meeting in 2019 in which industry lobbyists lamented how methane gas flaring was giving the industry a bad name. Apparently, on the recording, the lobbyists discuss the practice of burning it off methane that created a “huge, huge threat” to the industry’s efforts to portray natural gas as a “clean and climate-friendly” fuel source. The lobbyists believed that flaring overall was damaging to the industry’s reputation. One asked, “What’s going to stick with those young people and make them support oil and gas?” As if anything could.
By Lew Milford With its recent executive orders on environmental justice, the Biden administration has put energy equity at the front and center of its domestic policy agenda. The challenge now is to put these principles into practice. That job has been made much more critical with the massive power outage that just crippled Texas. […]
by Natasha Lasky, ODP Staff Writer As the domestic electric vehicle market in the United States continues to hit its stride and new competitors vie in the race to electrify, Lucid Motors has emerged as an ultra-luxury competitor to EV darling Tesla Motors. This week, Lucid went public through a SPAC with Churchill Capital Corp […]
The Texas freeze and subsequent blackouts have given the Biden administration the chance to show the country how it will handle natural disasters, and they’ve already done one thing much differently than the Trump administration: acknowledged the role of climate change. And now, due to surge pricing, Texans are facing utility bills in the thousands of dollars for what little heat they got.
Why This Matters: The Biden administration wasted no time declaring an emergency and stating it would review preparation for future storms.
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