Later today, U.S. President Donald Trump is set to meet with at least seven senior oil executives in person at the White House to discuss the historic plunge in the oil price.
It would make a great April Fools joke. Investing $5 billion in a product that is nearly worthless in the middle of a global pandemic, which puts communities and construction workers at risk. Make sense to you? No, of course it doesn’t. You would reply: “Don’t be so stupid! That must be a joke.”
Warren Mabee, the director of the Institute for Energy and Environmental Policy at Queen’s University, said he “wouldn’t be surprised if Canadian crude prices briefly go negative – a scenario where producers are paying people to take away product.”
Later today, the Senate is set to vote on an unprecedented $2 trillion bi-partisan stimulus package that is designed to try and prop up a creaking American economy, which has been brought to a juddering halt by the Coronavirus.
The unthinkable could soon be thinkable.
Rather than fund a just transition, the Canadian government is “preparing a multibillion-dollar bailout package for Canada’s oil and gas sector that is expected to be unveiled early next week”.
A new report highlights how 35 leading global banks have provided a staggering USD $2.7 trillion to fossil fuel companies since the Paris Agreement in 2015.
What America needs is a comprehensive vision for energy security, one that goes beyond fossil fuel independence. This plan should entail sustained investment in alternative fuel sources and technologies… If the United States really wants to be energy independent, it must look toward preparing for a post-oil future.”
Some 30 young South Koreans are suing their Government, claiming that their parliament’s “recent revision to the nation’s climate-change law doesn’t go far enough to protect their future.”
Instead of responding responsibly to the climate crisis, the chief climate denier in the White House, Donald Trump, continues to promote the fossil fuel industry. And even worse, he wants to bail out his fossil fuel friends in response to the rapidly declining oil price.