Scroll through Donald Trump’s campaign promises or listen to his speeches and you could easily conclude that his energy policy consists of little more than a wish list drawn up by the major fossil fuel companies: lift environmental restrictions on oil and natural gas extraction, build the Keystone XL and Dakota Access pipelines, open more federal lands to drilling, withdraw from the Paris climate agreement, kill Obama’s Clean Power Plan, revive the coal mining industry, and so on and so forth ad infinitum. In fact, many of his proposals have simply been lifted straight from the talking points of top energy industry officials and their lavishly financed allies in Congress.If, however, you take a closer look at this morass of pro-carbon proposals, an obvious, if as yet unnoted, contradiction quickly becomes apparent. Were all Trump’s policies to be enacted – and the appointment of the climate-change denier and industry-friendly attorney general of Oklahoma, Scott Pruitt, to head the Environmental Protection Agency (EPA) suggests the attempt will be made – not all segments of the energy industry will flourish. Instead, many fossil fuel companies will be annihilated, thanks to the rock-bottom fuel prices produced by a colossal oversupply of oil, coal, and natural gas.
Drowning the world in oil