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Energy

Reprinted with permission from TomDispatch

Energy analysts have long assumed that, given time, growing international concern over climate change would result in a vast restructuring of the global energy enterprise. The result: a greener, less climate-degrading system. In this future, fossil fuels would be overtaken by renewables, while oil, gas, and coal would be relegated to an increasingly marginal role in the global energy equation. In its World Energy Outlook 2019, for example, the International Energy Agency (IEA) predicted that, by 2040, renewables would finally supersede petroleum as the planet's number one source of energy and coal would largely disappear from the fuel mix. As a result of Covid-19, however, we may no longer have to wait another 20 years for such a cosmic transition to occur -- it's happening right now.

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For decades, American presidents and American consumers have complained when oil prices rose and rejoiced when oil prices fell. But this week, Donald Trump helped forge an agreement with Russia, Saudi Arabia and other oil production nations to raise prices by slashing production. Then he bragged about it.

"The big Oil Deal with OPEC Plus is done," he tweeted. "This will save hundreds of thousands of energy jobs in the United States. I would like to thank and congratulate President Putin of Russia and King Salman of Saudi Arabia. ... Great deal for all!"

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