Less than two weeks into the assault on Iran, Trump stated on social media that “the United States is the largest oil producer in the world, by far, so when oil prices go up, we make a lot of money.” Nothing says “America First” better than decimating the global economy while boasting about turning a profit.
Trump’s illegal war with Iran has already taken a devastating human toll. It could also mean higher energy bills worldwide, while fossil fuel companies, traders and investors get rich.
For eight years, the International Energy Agency (IEA) has presented research indicating that oil and gas companies can reduce their prolific methane emissions cost-effectively. For eight years, oil and gas companies have failed to do so.
The current wave of carbon capture projects and government subsidies will only further entrench the fossil fuel industry and its impacts.
It is clearer than ever that the climate crisis requires a rapid and managed phase-out of fossil fuel production. Reducing the wasteful practice of emitting methane into the atmosphere does not give the gas industry a pass. They need to clean up and wind down. And they need to start now.
