Will the Iran war end oil dependence?
President Donald Trump has worked to steer U.S. energy policy away from wind and solar and back to fossil fuels. But the economic aftershocks from the war against Iran are revealing the limits of his oil-driven energy agenda.
Trump’s efforts at “blocking clean energy” have left Americans “more vulnerable to supply shocks caused by the war,” said The Associated Press. The president has gone “all in on fossil fuels” in his second term, expanding tax breaks for drilling and fast-tracking federal permits while repealing a government finding that climate change “endangers public health and the environment.” He even ended the tax break that subsidized electric vehicle sales. Those decisions are leaving consumers in a lurch as gasoline and oil prices rise. Fossil fuels “have their own supply risks, and the administration has no answers,” said Tyson Slocum, the energy director at consumer advocacy group Public Citizen, to the outlet.
One result of the war will be the “acceleration of the global shift to low-carbon energy,” said the Financial Times. The Middle East crisis is an “opportunity to transition to renewable energy more quickly and at a large scale,” South Korean President Lee Jae-myung said at a cabinet meeting. Environmental advocates have made such arguments “for years,” said the Financial Times, but this time “they have an unusually strong chance of breaking through.”
What did the commentators say?
Americans are looking for ways to save money by “asking for quotes on home solar systems and looking up electric vehicles online,” Bill McKibben said at The New Yorker. The “good news” is that clean energy technologies like solar and wind can be purchased “more cheaply than we can buy oil.” And once in place, Americans who use those technologies will no longer have to depend on the flow of oil through the “indefensible, roughly twenty-one-mile-wide ditch” that is the Strait of Hormuz. They can rely instead on the sun, an “energy source that will last another five billion years.”
The Iraq war cost about $2 trillion. That is about the same amount of money it would take to build enough clean energy capacity in the U.S. to “make fossil fuels and their price swings irrelevant,” Paul Greenberg said at The New Republic. That enormous sum of money would pay for a “truly vast array of turbines and panels” across the country. But it would be more productive than waging war, “which destroys capacity of all kinds.” The question is what taxpayers “truly want our tax dollars to do.”
What next?
Oil executives have warned the White House that the war-driven energy crisis is “likely to get worse,” said The Wall Street Journal. The crisis is “going to cause economic destruction,” said Steven Pruett, the chief executive of Texas-based Elevation Resources, to the Journal.
Trump continues to fight the shift to clean energy sources. His administration on Monday agreed to pay $1 billion to a French company to “abandon its plans to build wind farms off the East Coast,” said The New York Times. In return, TotalEnergies will invest the money in U.S.-based oil and gas projects.