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Page added on May 21, 2020

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During Pandemic, A Transatlantic Divide Emerges On Energy Policy

Public Policy

Carbon emissions have been down in recent weeks because of the pandemic because far fewer people are driving or flying. But that has also meant less demand for fuel, and less revenue for oil and gas companies. As a result, some European-based companies are investing more of their resources into renewable energy production. But American oil and gas outfits are not.

Ron Bousso reports on the oil and gas industry for Reuters, and he told Texas student host David Brown on Thursday that companies on both sides of the Atlantic have had to slow spending on oil and gas production since the pandemic. But European companies have redirected some of their remaining resources toward renewable energy.

“The share actually rose from their overall spending plans,” Bousso said.

The difference comes down to how each continent’s producers view the future of oil and gas. European companies had already committed to a zero-carbon-emission plan by 2050, even before the pandemic. And the past few months have shown that so-called peak oil demand could be coming sooner than expected. Meawhile, American firms like Chevron and Exxon still expect oil and gas demand to rise for at least the next 20 years.

“[It] strengthens their case for investing in oil and gas,” Bousso said.

Social factors also play a role in the divergent approaches. The degree to which a company is confident in the future of oil and gas runs parallel with prevailing attitudes about climate change. The 2015 Paris climate agreement exemplifies the American-European divide. President Donald Trump pulled the United States out of the Paris agreement in 2017, while the European Union stayed in. Almost 200 countries have signed the agreement, committing to limit carbon emissions to slow global warming.

“The political climate in Europe is definitely gearing towards this transition, whereas in the U.S., we’re seeing strong support for the traditional oil and gas business,” Bousso said.

What’s more, some European and Asian governments are expected to incentivize energy companies to invest even more in renewable energy through pandemic economic stimulus packages.

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5 Comments on "During Pandemic, A Transatlantic Divide Emerges On Energy Policy"

  1. Abraham van Helsing on Fri, 22nd May 2020 12:32 am 

    “The political climate in Europe is definitely gearing towards this transition, whereas in the U.S., we’re seeing strong support for the traditional oil and gas business,” Bousso said.“

    History has shown that there is a strong link between early adoption of a new energy source and subsequent geopolitical success.

    The 17th century was Dutch because of windmills
    The 19th century was British because of coal and steam
    The 20th century was American because of oil, gas and nukes

    Who will “own” the 21st century? Those who adopt renewable energy first and fully decarbonizes.

  2. Cloggie on Fri, 22nd May 2020 1:30 am 

    China is building a gigantic solar panel factory with an output of 60 GW per year, up from 7.2 GW now. That annual output is more than Germany has installed in total over 30 years!

    Factory to become operational in 2024.

    These factories are largely 100% automated:

    A single solar panel installed in a sunny location produces just as many total energy as 60 tons of coal:

    A solar panel is nothing but a support structure plus a thin film of a few micrometer (once film film solar will have matured and replaced silicon wafers). It can be expected that soon the cost of the support structure will be higher than the active layer.

    European panel producers aiming at a restart of production in Europe, supported by the 1 trillion green deal:

    Europe needs to concentrate on wind and hydrogen and systems integration and have deals with African countries.

    In Europe only solar on roofs, not on valuable agricultural land. Perhaps the Dutch Sola-road project should be converted in the less challenging Sola-terrace:

  3. Cloggie on Fri, 22nd May 2020 2:24 am 

    Massive solar production expansion world-wide:

    500 GW in Q1-2020.

    You’re not going to win the energy future with Donald Trump and Michael Moore folks!

    Elon Musk is the greatest trump card the US currently has and he is from Zuid-Afrika:

    O bring my trug na die ou Transvaal,
    Daar waar my Sarie woon.
    Daar onder in die mielies
    By die groen doringboom,
    Daar woon my Sarie Marais.

    Gorbachev: “He who comes too late is punished by life”

  4. Abraham van Helsing on Fri, 22nd May 2020 3:18 am 

    Brexit and no end:

    The UK wants a Canada-style agreement, but won’t get it. The EU accuses the UK of cherry-picking, but in reality can’t publicly admit that an example needs to be set with Britain or otherwise the EU might as well commit suicide right-away and abolish itself and the British (and the kikes) would win after all.

    The best thing is a brutal break and a complete geopolitical reorientation of continental Europe towards Russia and China and accept the geopolitics of the New Silk Road and together with them shape the 21st Eurasian century. Eurasia should withdraw from the UN, WB, IMF, Bretton Woods, dollar, WHO and start all over again in Eurasia from scratch, in line with Chinese proposals:

    “Exclusive: China presses Europe for anti-U.S. alliance on trade”

    Telling is the subscription at the bottom of the Chinese-made map: “…if Europe is willing to connect that is”

    (we should be willing)

    640 million Europeans and 1350 million Chinese don’t need to care about the designs of 330 million exceptionalists and white survival in Europe is guaranteed, while the koshers will continue with their program of wiping out white Anglos through third world immigration and eventually will wipe out their own power base. Oh and if Anglos have enough of that prospect, redefine yourselves as European and revolt and we’ll send an army.


  5. Dredd on Sat, 23rd May 2020 10:02 am 

    I wonder if virus production also subsided for this brief moment in time (On The Origin Of The Home Of Covid-19 – 3).

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