We are now one hundred and ten days since the start of Vladimir Putin’s bloody brutal war on Ukraine. Since the invasion the global energy market has been largely turned on its head, as old certainties of supply have been ripped up.
Just as the U.S. oil and gas industry is looking to exploit the Ukraine war to expand exploitation of shale gas, so too is the European shale gas industry.
President Biden has continued to approve fossil fuel expansion in recent months, while pointing to Congress to excuse the United States’ lack of climate ambition and espousing false solutions like carbon capture and “net zero” plans that perpetuate fossil fuel destruction and environmental racism.
As we have been repeatedly saying for months, we are witnessing the end of the oil age. Even once great giants are now crumbling at their core.
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.”
For years, Cuadrilla has ignored climate science, ignored the geology, and ignored local people and politicians. And despite millions being spent by naïve and belligerent investors, their efforts have resulted in a fracking failure.
Big Oil knows it is gambling with our future. It is deliberately doing so. Because of its actions, it is not just the people of the Bahamas that will face the consequences of our warming world. We all will.
The new Democratic Governor of California, Gavin Newsom, is coming under pressure to make good pre-election promises to rapidly move the state away from fossil fuels.
What is being forgotten in the fight between Maduro and Guaido is that whoever wins, the impetus on the victor will be on maximising output from the country’s oil reserves to help alleviate the country’s crippling economic problems. Because much of this is heavy oil, it is extremely carbon intensive to produce. And that can only be bad news for the climate.
The prospects for the shale industry are looking increasingly bleak this year as it haemorrhages investor cash, continues to experience widespread community resistance, especially in Europe, and fails to find adequate gas reserves.