Record oil profits highlight the long road to renewable energy

Despite global efforts to shift to renewables, U.S. oil producers are raking in record profits thanks to high prices and demand.

Rebecca F. Elliott reports for The New York Times.

In short:

U.S. oil companies, recovering from the pandemic slump, are now seeing significant profits due to market forces and geopolitical events.
Many oil companies have shifted strategies, focusing on financial returns by cutting costs and improving efficiency.
Despite increasing renewable energy adoption, global demand for oil continues to grow, with the U.S. leading in production.

Key quote:

“We’re not going to get out of this business because supply was squeezed, because there’s plenty of it. We’re going to get out of the business because demand went down.”

— Samantha Gross, director at Brookings Institution

Why this matters:

This tug-of-war between old-school energy and the shiny new kids on the block highlights the tough balancing act of transitioning to a cleaner future. For now, Big Oil's got its foot firmly on the gas pedal, leaving us all to wonder how long this joyride can last. Read more: “Code Red” for climate means reducing US oil and gas production.

www.nytimes.com

Record oil profits highlight the long road to renewable energy

Colorado bill would require safety plans to protect workers from extreme temperatures

How the meat industry is quietly keeping its emissions off the climate agenda

A shrinking Colorado River is forcing farms to change

The war with Iran is already about energy

Spiking gas prices spark consumer interest in electric vehicles

Trump’s energy ‘tiger team’ struggles to find its roar with Iran

London, San Francisco and Beijing achieve ‘remarkable reductions’ in air pollution

Multiple Houston-area oil and gas facilities that have violated pollution laws are seeking permit renewals

One facility has emitted cancer-causing chemicals into waterways at levels up to 520% higher than legal limits.

Pennsylvania health advocates say Trump’s first 100 days in office have caused “100 harms” to local communities

“They're terrorizing these scientists because they want to keep them silent.”

Regulators are underestimating health impacts from air pollution: Study

"The reality is, we are not exposed to one chemical at a time.”

Two years into his term, has Gov. Shapiro kept his promises to regulate Pennsylvania’s fracking industry?

A new report assesses the administration’s progress and makes new recommendations

An open letter from EPA staff to the American public

“We cannot stand by and allow this to happen. We need to hold this administration accountable.”

New evidence links heavy metal pollution with wildfire retardants

“The chemical black box” that blankets wildfire-impacted areas is increasingly under scrutiny.