Trump huddles with Big Oil as soaring crude speeds push for renewable energy

(Originally published Apr. 30 in “What in the World“) Trump is back to threatening Iran.

“Iran can’t get their act together. They don’t know how to sign a nonnuclear deal. They better get smart soon!” he posted Wednesday, with an AI-generated image of him holding an automatic rifle, surrounded by explosions in a desert setting.

The price of Brent crude oil for June delivery jumped nearly 8% to $120, with U.S. gasoline prices climbing to $4.23 a gallon ($1.12/liter), and the World Bank on Tuesday warned that energy prices will likely soar 24% this year. Also Tuesday, Trump met at the White House with U.S. oil company executives to discuss how to limit the impact of rising oil prices on American consumers as the Strait of Hormuz’ closure drags on.

Instability in oil supply lines and volatility in energy markets is shattering longstanding relationships that defined the petroleum industry, a fact underscored by the United Arab Emirates’ announcement Tuesday that it is withdrawing from the once-mighty Organization of the Petroleum Exporting Countries cartel. Major energy importers in Asia and Europe are accelerating efforts to reduce their dependence on Middle Eastern oil, a shift that is likely to accelerate the adoption of renewable energy sources.

As if global warming wasn’t enough motivation. Temperatures across 95% of Europe were above average last year, according to the latest European State of the Climate report, resulting in lower rivers, record wildfires, and heatwaves from the Arctic to the Mediterranean. Wildfires globally are growing more frequent and intense, and last year destroyed roughly 10.5 million hectares—an area the size of Guatemala.