Read the latest insights and analysis from the experts at Oil Change International.
Aside from providing some entertainment, twitter fodder, and political theater...coming on the eve of the 5th anniversary of the dubious Citizens United Supreme Court decision, last night’s State of the Union speech showed us a few important things when it comes to climate and Washington, DC.
As Americans listen to their President tonight give his sixth annual State of the Union address, many people will be eagerly awaiting to see if he says anything about what has become one of the biggest political headaches of his Administration: the controversial Keystone XL (KXL) pipeline which will transport dirty tar sands from Canada to the US.
It is hard to believe but it is nearly five years since BP’s reckless behaviour caused arguably America’s worst environmental disaster.
The tar sands industry lists market access as the number one threat to its future in a recent industry survey.
Just how low can the oil price go? What was unthinkable even a few months ago is now becoming distinctly probable, even likely. As analysts dissect the ramifications for the oil industry of $40 dollar barrel, oil traders are now thinking that the price of crude will halve that to a staggering $20 a barrel. Prices have not been that low for twenty years.
It is a majestic world heritage site located on the west coast of Newfoundland, which is seen as one of the jewels in Canada’s crown. But it could be under threat from the controversial technique of fracking in the future.
Later today the Senate floor is expected to vote on the controversial Keystone XL pipeline, although currently Senators do not have enough votes to override Obama’s promised presidential veto on the issue.
As the political squabbling over Keystone XL continues to dominate the political landscape in Washington, yesterday the Senate energy committee voted 13-9 in favour of a bill that would force construction of the controversial pipeline.
2015 is already bringing new challenges — including a congress that’s set on ignoring climate science and fighting for the fossil fuel industry instead of the American people.
If you had Googled “fossil fuels” and “stranded assets” a few years ago, you would have probably got no hits. But how times change.
