Major oil and gas companies have raked in multibillion-dollar profits at unheard-of levels. Households around the world are reeling from soaring energy prices, while governments are struggling with outsize spending and slowing economic growth.
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The Interior Department is considering a 20-year moratorium on new oil development around Chaco Canyon National Historical Park in New Mexico, an area important to many Indigenous communities.
New York Times science writer David Wallace-Wells says the cost of solar and wind energy has fallen dramatically. Nevertheless, we're still facing painful, long-lasting changes to the planet…
President Biden knows the political power of the price of gasoline. About two weeks ago, fearing what an uptick in gas prices might do to Democrats at the ballot box in the midterms, Mr. Biden announced the release of 15 million barrels from the United States’ emergency petroleum stockpile in an effort to drive down prices. A gallon now costs $3.78 on average compared with $5.03 five months ago, but that is still higher than what Americans want to pay.
The U.N. climate summit in Glasgow last year ended with a resounding repudiation of fossil fuels, with countries including the United States signaling that it would be a costly mistake to move forward with big new oil, gas and coal projects.
Saudi Aramco, the world’s largest oil company, said on Tuesday that it had earned $42.4 billion in net income in the third quarter. The figure was more than double the nearly $20 billion that Exxon Mobil earned for the period.
Good morning and welcome to The Climate 202! Our colleague Brady Dennis will moderate two conversations today at 11 a.m. ET with Jigar Shah, director of the Energy Department’s Loan Programs Office, and Liane Randolph, chair of the California Air Resources Board. You can register for The Washington Post Live program here. But first:
With Fossil Fuel Companies Facing Pressure to Reduce Carbon Emissions, Private Equity Is Buying Up Their Aging Oil, Gas and Coal Assets
When Continental Resources announced a deal last week to take the oil company private, it joined a trend that has swept across the fossil fuel sector in recent years. With investors agitating for energy companies to lower their greenhouse gas emissions, many oil and gas drillers and utilities have sold off wells and coal plants to private companies or private equity firms, which have been eager to scoop up the industry’s dirtier assets.
You’d be forgiven, at this point, for believing in what the MSNBC host Chris Hayes calls the “gas prices monocausal theory” of American politics. Every major political dynamic, every twist and turn in approval polling and legislative possibility, seems driven by whether gas prices are going up or down.