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Trump, doing more to fight climate change than anyone ever thought possible.
For oil, I'd guess so. With COVID-19, there was a substantial reduction.
Though a wrinkle is that it's also disrupting LNG shipments. Coal power generation is a substitute good for natural gas power generation. One way that countries in Europe offset reduced natural gas availability when Russia cut supply was to increase (more-carbon-intensive) coal use, and I assume that the same thing will happen again now, so that might cause emissions from electrical power generation to rise, even if supply of a fossil fuel falls.
I expect that as we see what happens on the policy front and with consumer choice in response, that there will be people going off and modeling the impact.
Or else manufacturing excuses to open up domestic drilling sites.
Also jacking up the value of their recently pirated venezuelan oil win -- blowing up those fishermen is a lot more profitable when you throw a couple extra foreigners on the fire.
The title is a bit clickbaity
the actual article text is "damaged or destroyed"
but it does give an idea for how much output could be immediately resumed if all hostilities were stopped immediately.
Damaged is as good as destroyed for the short term market. Much of this oil field equipment is pretty specialized and considering the widespread damage, both materials and skilled labor for repairs will be in short supply. Even if hostilities ended tomorrow, it will probably take 9-12 months to restore output from all damaged facilities, and outright destroyed ones may never ever come back online.
It also specifies "refining capacity" which is really not the same thing as "energy infrastructure" in a region that exports so much crude...
Thanks Obama!
The only mystery in all this is how Trump expects to continue profiting from it. Insider trading? Relying that higher pump prices also mean higher profits for oil companies?
I assume he thinks that American companies will get the contracts to rebuild it all, and control the oil afterwards. Specifically, American companies which have shown the appropriate gratitude to him.
Bold of you to think he had a plan.
Thanks to Demented Donny, EV sales are up in Australia.
And Thanks to usa, europe are going to press the speeder of ending fussel fuels now quicker than ever.
Please let the German government know about that. Seems they didn't get the memo
They are trying to catch up though