Latest news with #FossilFuels
New York Times
31-07-2025
- Business
- New York Times
Countries Promise Trump to Buy U.S. Gas, and Leave the Details for Later
Trade negotiations have for years focused on the rules of the road for commerce between nations. Under President Trump, the deal making has been more direct, especially when it comes to energy. Countries are now agreeing to purchase American fossil fuels, in specific amounts and often years into the future, whether or not their economies will demand it or whether the United States will have the ability to supply it. That adds a layer of government sway over what are typically open market transactions. And it's not clear how — or whether — political leaders will get private companies to go along. 'This is new, and generally that's because in trade agreements you want things that are clear and enforceable,' said David Goldwyn, a former U.S. diplomat and U.S. Energy Department official. 'These energy commitments are neither clear nor necessarily enforceable. They're more aspirational, political encouragements.' The European Union, for example, committed to purchase $750 billion in U.S. energy products — including crude oil, nuclear reactor fuel, natural gas and other petroleum derivatives — over three years. On an annual basis, that would amount to more than three times the amount the bloc bought last year from the United States. Trump's deal with Europe The deal would require a huge jump in U.S. energy exports in the future. Note: Estimate based on the E.U.'s commitment to buy $750 billion in U.S. energy exports through 2028. Source: ClearView Energy Partners analysis of Census Bureau data By The New York Times The European Union has been buying more American gas since Russia, previously a big supplier, attacked Ukraine in 2022, and there is appetite to buy more. But purchasing $250 billion a year would require the bloc to use the United States as essentially its only supplier. Want all of The Times? Subscribe.
Bloomberg
22-07-2025
- Politics
- Bloomberg
Fossil-Fuel Supporters Have an Odd New Narrativve
Climate change is the acceptable price of modernity. That, in a nutshell, is the conclusion that Energy Secretary Chris Wright reaches in his recent essay in The Economist, a composition representing the studied fatalism increasingly found in the debate on energy transition. Wright's argument rests on dubious analysis and gambles with not just our safety but also the leadership the Trump administration claims to be advancing. We know the inconvenient truth that burning fossil fuels, while transformational for civilization, also carries a growing and likely catastrophic cost. Back when the inconvenient documentary that took this knowledge mainstream came out, fossil-fuel lobbyists tended to simply deny or muddy the scientific consensus. Such efforts have become less tenable, so an alternative narrative has arisen, pitched as pragmatism, whereby the incumbent energy system is basically immovable and we should all get over it and build seawalls.
Wall Street Journal
17-06-2025
- Business
- Wall Street Journal
EU Proposes Ban on Russian Oil, Gas Imports by End 2027
The European Union's executive arm proposed a sweeping ban on imports of Russian oil and gas by the end of 2027, a major step in the bloc's efforts to sever its energy ties with Moscow. 'Russia has repeatedly attempted to blackmail us by weaponizing its energy supplies,' European Commission President Ursula von der Leyen said Tuesday. 'We have taken clear steps to turn off the tap and end the era of Russian fossil fuels in Europe for good.'
Bloomberg
04-06-2025
- Business
- Bloomberg
Trump Is Cementing the Green Energy Transition He Loathes
'Energy dominance' is shorthand for President Donald Trump's agenda to use fossil fuels as a tool of international leverage, with the energy transition a casualty along the way. Its unintended consequence will be to strengthen the foundations of that transition, outside of the US anyway. Because even if environmental, social and governance thinking is canceled in Trump's America, his blending of energy policy with a chaotic realignment of US foreign policy brings to the fore an ESG favorable to the transition: Economics, security and geopolitics. Oil became the world's biggest energy source during the post-1945 era of increasing globalization backed by US military muscle. Countries that might have been otherwise reluctant to base their prosperity on a fuel produced in remote, often volatile neighborhoods like the Middle East could draw comfort from the world's biggest navy policing the oceans on everyone's behalf. It helped that most of the big economies outside Moscow's orbit were US allies and that Washington's stake in this arrangement increased along with its own oil import dependency.
