The coronavirus pandemic is altering the long-term future of oil, but global thirst for the fuel will nonetheless remain large for decades, the International Energy Agency said a sprawling new report released Tuesday.
Why it matters: Its the IEA's deepest effort yet to game out how COVID-19 is changing the future of oil, and energy systems overall in the years ahead.
President Trump will sign an executive order Tuesday designed to put more weight behind the administration's role in the international One Trillion Trees Initiative, a White House official said.
Why it matters: White House support for the initiative contrasts with Trump's overall climate posture.
The International Energy Agency examined what happens if current and planned fossil fuel infrastructure worldwide is operated through its estimated lifespan.
Why it matters: That alone, it finds, could easily blow past the goal of holding warming to 1.5°C above preindustrial levels. That's the most ambitious and longshot goal of the Paris agreement to lessen harm from climate change.
BP CEO Bernard Looney is leading the biggest transformation in the oil industry’s 160-year history, but he's staying quiet on the thorniest part: the politics.
Driving the news: In our recent interview for “Axios on HBO,” Looney made a scripted case for BP’s big plan to pivot to renewable energy and survive — and even thrive — while doing it.
Three deaths have been linked to former Hurricane Delta, as PowerOutage.us reported over 100,000 customers remained without power in Louisiana on Tuesday morning — four days after the storm made landfall in the state.
Details: Louisiana officials said Sunday a man, 86, died while refueling a generator in a shed that caught fire and a woman, 70, died in a fire "likely caused by a natural gas leak following damage." In the Florida Panhandle, Okaloosa County sheriff's office said a 19-year old Illinois tourist drowned Saturday "after being caught in a rip."
Oil prices can't seem to reach escape velocity, spelling more pain for producers as the COVID-19 pandemic continues to weigh on demand.
Why it matters: The chart above provides a glimpse at why prices remain too low to pull the U.S. sector — which is seeing rising bankruptcies — out of jeopardy.
