The oil and gas lobby is spending big to help Trump’s campaign. Gas prices are falling as the world transitions to clean energy. Fossil fuel companies are betting on Trump to pump the brakes. What the industry fears most is being perceived as entering a state of terminal decline.

https://www.corporateknights.com/category-climate/the-oil-and-gas-lobby-is-spending-big-to-help-trumps-campaign/

by mafco

17 comments

  1. My bet is that oil goes negative again, fundamentally it’s a health liability that the markets will sort out. Besides, we don’t even need oil!

  2. >What the industry fears most is being perceived as entering a state of terminal decline.

    Why is being perceive as such their largest fear? Wouldn’t it be even better if they actually entered terminal decline?

  3. Would be good to take a less USA centric vision.
    eV will eat ICE and if your country is late to the party it won’t take part. It would be sad if Trump did things to promote oil but it’s a twilight industry as Saudi Arabia knows.

  5. So guy from the auto industry let me help you make this argument.

    1. 1 in 3 new cars is sold in China. China started the year at 30% of cars sold being EVs, by July it hit 50% by the end of the year it is expected to be 70% or higher with an average of 50% this year. Meaning just China made 1 in 6 new cars and EV. When combined with EVe outside of China it is expected 20% or more of new cars in 2024 will be an EV.

    2. China has been installing solar and wind at a rate faster than the rest of the world combined.

    3. China is the biggest importer of oil in the world. They lowered the amount of oil imports in Q3 by 7%.

    So just using China the amount of oil usage is on the way down. So even if the US tried to absorb the excess oil we just don’t have the need. Plus Europe is old and shrinking. Most of the rest of the world is already in the energy transition so factually it’s too late!

    People have to understand the US is a big economy no doubt but we are relatively efficient and our biggest use of oil in transportation has been shrinking due to efficiency gains under cash for clunkers, California is at 20% EVs and the population is driving less per year in miles than any time on record mostly due to young not driving and boomer retiring.

  6. If we’re transitioning, how come the current administration is not putting a charger in every available parking spot if they were serious about it it’d be happening but to the rich green is just a money grab

  8. Donald Trump is literally the FACE of the oil industry. Old, out of touch, no longer relevant.

  9. > Fossil fuel companies are betting on Trump to pump the brakes

    on clean energy and EVs.

    This is insightful and not mentioned nearly enough. It isn’t Trump’s “drill baby, drill” nonsense or his blatant lie that Kamala will “ban fracking” that is inspiring the industry to donate obscene amounts of cash to a fascist who wants to terminate US democracy. It knows it is already producing record amounts of oil and gas under Biden and that bringing down gas prices will just cut the industry’s current record profits. Trump’s promise to bring gas prices down to $1.87 is just a lie to get stupid people to cheer and pump their fists at his rallies.

    What the industry is most alarmed about is the stunning progress of renewable energy and EVs under the Biden administration and the fear that Harris will continue that success. Which will ultimately put it into a terminal decline, and likely in the not-too-distant future. It’s already begun in China. They are paying Trump to stop or slow the inevitable transition in the US even though it may cost hundreds of thousands of good paying middle class jobs and sacrifice our future prosperity to China. The industry is now working directly against the interests of America and its people. Not to mention the planet.

  10. No offense to clean energy but I’m pretty sure the current price slide has more to do with Russia not following through on their OPEC agreement to cut production, and the fact that Saudi Arabia is considering increasing production to punish Russia for reneging. And I think the oil companies in America are aware of the global oil market. Which is not to say green energy is no threat to them, but it’s not an immediate threat. Economic mismanagement by the Trump administration would hurt them worse than clean energy policies that won’t bear fruit for a long time.

  12. Terminal decline is an inevitability for the gas and oil industry anyway.

    It’s just a matter of whether humanity has moved on from oiling gas to protect their future, or whether humans end up going extinct because of oil and gas

  13. >What the industry fears most is being perceived as entering a state of terminal decline.

    Which is stupid. switching entirely to green energy does not mean the end of oil pumping. Oil has so many uses that it’s stupid that we burn it as fuel. It just means that the daily price of a barrel of oil is now as important as the daily price of a bushel? of hay

  15. >What the industry fears most is being perceived as entering a state of terminal decline.

    This is reality whether Trump wins or loses. It is inevitable. EVs wil be a better value proposition because they are more reliable and cheaper to fuel when you have home charging (which is possible for most people…yes, apartments and condos will add chargers eventually.)

  17. Germany is back to coal and world oil consumption has not gone down. Not sure if your premise is correct. Oil goes down each fall per my understanding.

Comments are closed.