US fracking boom could tip world to edge of climate disaster
The study, to be published in the Energy Policy journal this month, found emissions from these oil and gas “carbon bomb” projects were four times larger than all of the planet-heating gases
expelled globally each year, placing the world on track for disastrous climate change.
In March, a record 904 drilling permits were issued for companies operating in the Permian basin, according to the consultancy Rystad Energy. Typically, about 400-500 permits are approved each month but elevated oil prices and strong demand have caused an “unprecedented” and “extreme” increase, Rystad says.
“The Russian war in Ukraine is going to set climate change initiatives back under the cloak of patriotism when weaning ourselves off oil dictatorships and pivoting to renewables would be the patriotic choice."
There is
significant political pressure to increase domestic drilling in response to the Russia-Ukraine war, which has caused global oil prices to soar and the US to ban Russian oil imports. Large oil companies are considering an expansion in drilling should the high oil price linger.
“We are wholly dependent upon oil and the crisis in Ukraine shows us that dependency is freighted with many costs, including national security. We can’t drill our way out of this problem. It’s been a good reminder that we are the world’s top oil producer and that still has not insulated us from this crisis."
140bn metric tons of planet-heating gases could be unleashed if fossil fuel extraction plans get green light, analysis shows
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