July 25, 2020 Read More →

Trump’s promises about saving fossil fuel industry prove to be illusive

DeSmog Blog:

It was just over a year ago that President Trump announced, “The golden era of American energy is now underway,” saying that his policies focused on exploiting oil, gas, and coal were “unleashing energy dominance.” 

What a difference a year makes. On July 10, the Financial Times ran an article with a headline that asked, “Is the party finally over for U.S. oil and gas?” And there is no doubt that it has been quite a party for the last decade. At least, for the fracking executives who have enriched themselves while losing hundreds of billions of dollars investors gave them to produce oil and gas. Meanwhile, profits never materialized.

Lately, prospects for the broader fossil fuel industry look more like lead than gold.

Paradoxically, the #oilandgas production boom was not met by a financial boom. Over the past five years, the sector has been a financial bust says IEEFA’s Kathy Hipple. 

[Justin Mikulka]

More: Trump’s Golden Era of Energy Is Turning to Lead

Posted in: IEEFA In the News

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