The climate crisis has not stopped the search for oil

It’s worth repeating this summer as the effects of the climate crisis intensify and wildfires Californiadrought in American West and intense heat Europe.
Looking for more oil in Africa. Instead of cutting oil production, the world seems to be moving in the opposite direction. As The New York Times reported Sunday, the Democratic Republic of the Congo, home to rainforests and peatlands that help control climate change, is now trying to position itself as new direction for oil investment at the auction of land for drilling.
This report followed CNN in-depth look last year in an effort by Canadian company ReconAfrica to develop what is believed to be a huge oil field with potentially 12 billion barrels of oil in Namibia.

David McKenzie and Ingrid Formanek of CNN pointed to a painful irony: Namibia, which currently lacks a significant oil and gas industry like some neighboring countries, is feeling the harsh effects of climate change. It is warming faster than other parts of the planet, putting its agricultural industry at risk.

More fair share. Namibia, Botswana and Congo rightly want to reap the same benefits from their land as the Western countries in order to become rich.

“Someone who sits in Norway and has a very good quality of life because of the oil found in the North Sea is now telling the world they should run on renewable energy,” Niall Kramer, South African oil industry consultant and former an oil company executive, according to a CNN report last year. “If you’re sitting in Africa, your incentives are very different.”

The Times notes similar sentiments in the Congo: The auction highlights the double standards that many political leaders on the African continent have drawn attention to: how can Western countries, which have built their prosperity on fossil fuels that emit toxic fumes that warm the planet, demand that Africa forget about its reserves of coal, oil and a guest to protect everyone else?

Congo’s top climate official, Tosi Mpanu Mpanu, told the Times the country is focused on lifting Congolese people out of poverty.

“Our priority is not to save the planet,” he said. He wants Congo to be compensated either by more developed countries for protecting its rainforests and peatlands, or by oil companies.

Still stuck. That the world’s dependence on oil is far from over is embarrassingly clear.

The demand for oil is continues to increaserather than decrease as countries emerge from the Covid-19 pandemic.
Interruptions in the supply of oil and gas from Russia to Europe – probably in retaliation for sanctions against Russia in connection with its invasion of Ukraine – may well driving Germany into its own recession.

As for Biden, his political future remains largely dependent on people’s perception of the economy, which, in turn, it’s time to partially to gas prices.

The decline in gas prices was seen as good news. The fact that gas prices, while still high, are declining is a fact the White House clings to as it claims the economy is better than people think.

“In fact, the typical driver will now spend about $35 less per month due to the recent decline in gas prices,” Heather Boushi, a member of the White House Council of Economic Advisers, told CNN’s Victor Blackwell on Monday.

The administration is pushing U.S. and foreign oil companies to increase production and is cracking down on environmental groups to rent new land to develop oil and gas in the Gulf of Mexico and Wyoming.

Bad news about Biden’s climate program. He’s stuck in Congress where the Democratic Senator is from West Virginia. Joe Manchin argues that Americans cannot afford to spend more – at least not now – on the country’s transition from an oil economy. Manchin ignores the cost of inaction.

Meanwhile, people don’t think the economy is in very good shape: 64% of Americans think the economy is currently in recession. recent CNN poll.

As White House officials and Treasury Secretary Janet Yellen will tell you, this view is misguided. This is an eight-member committee of the National Bureau of Economic Research, which is not a government agency that officially declares a recession.

And even if the gross domestic product data expected this week shows negative growth for the second consecutive quarter, the NBER committee may not immediately declare a recession. Read our previous review in what the committee calls recessions.

Current U.S. officials and their counterparts around the world agree on the climate crisis. They also seem united in recognizing the political reality that voters love cheaper energy.