{"id":54364,"date":"2020-07-25T07:05:21","date_gmt":"2020-07-25T12:05:21","guid":{"rendered":"https:\/\/olduvai.ca\/?p=54364"},"modified":"2020-07-25T07:05:24","modified_gmt":"2020-07-25T12:05:24","slug":"trumps-golden-era-of-energy-is-turning-to-lead","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=54364","title":{"rendered":"Trump\u2019s Golden Era of Energy Is Turning to Lead"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\" id=\"page-title\"><a href=\"https:\/\/www.desmogblog.com\/2020\/07\/25\/trump-golden-era-energy-lead-fracking\">Trump\u2019s Golden Era of Energy Is Turning to Lead<\/a><\/h3>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.desmogblog.com\/sites\/beta.desmogblog.com\/files\/styles\/full_width_blog_image\/public\/blogimages\/022220_permian_323-2.jpg?itok=lfTJJvFb\" alt=\"\u00a0A drilling rig on a former ranch outside of Barstow, Texas, in the Permian Basin\"\/><\/figure>\n\n\n\n<p>It was just over a year ago that President Trump&nbsp;<a href=\"https:\/\/www.whitehouse.gov\/briefings-statements\/president-donald-j-trump-unleashing-american-energy-dominance\/%23:~:text=UNLEASHING%2520ENERGY%2520DOMINANCE%253A%2520American%2520energy,thanks%2520to%2520President%2520Trump's%2520policies.&amp;text=Total%2520energy%2520production%2520across%2520various,previous%2520record%2520set%2520in%25201970.\" target=\"_blank\" rel=\"noreferrer noopener\">announced<\/a>,&nbsp;\u201cThe golden era of American energy is now underway,\u201d saying that his policies focused on exploiting oil, gas, and coal were \u201cunleashing energy&nbsp;dominance.\u201d&nbsp;<\/p>\n\n\n\n<p>What a difference a year makes. On July 10, the Financial Times ran an article with a headline that asked,&nbsp;<a href=\"https:\/\/www.ft.com\/content\/e9e0ce5d-3bc0-45dd-9b7c-54b0828b9e99?shareType=nongift\" target=\"_blank\" rel=\"noreferrer noopener\">\u201cIs the party finally over for&nbsp;U.S.&nbsp;oil and gas?<\/a>\u201d And there is no doubt that it has been quite a party for the last decade. At least, for&nbsp;<a href=\"https:\/\/www.desmogblog.com\/2018\/05\/29\/flip-well-fracking-shale-halcon-resources-floyd-wilson\">the fracking executives<\/a>&nbsp;who have enriched themselves while&nbsp;<a href=\"https:\/\/www.desmogblog.com\/finances-fracking-shale-industry-drills-more-debt-profit\">losing hundreds of billions of dollars<\/a>&nbsp;investors gave them to produce oil and gas. Meanwhile, profits never&nbsp;materialized.<\/p>\n\n\n\n<p>Lately, prospects for the broader fossil fuel industry look more like lead than&nbsp;gold.<\/p>\n\n\n\n<figure><iframe allowfullscreen=\"true\" class=\"\" src=\"https:\/\/platform.twitter.com\/embed\/index.html?dnt=false&amp;embedId=twitter-widget-1&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1283810096816979968&amp;lang=en&amp;origin=https%3A%2F%2Fwww.desmogblog.com%2F2020%2F07%2F25%2Ftrump-golden-era-energy-lead-fracking&amp;siteScreenName=desmogblog&amp;theme=light&amp;widgetsVersion=9066bb2%3A1593540614199&amp;width=550px\"><\/iframe><\/figure>\n\n\n\n<p>For starters, the oil and gas&nbsp;industry in America is facing an era of losses,&nbsp;<a href=\"https:\/\/www.haynesboone.com\/-\/media\/Files\/Energy_Bankruptcy_Reports\/Oil_Patch_Bankruptcy_Monitor\" target=\"_blank\" rel=\"noreferrer noopener\">bankruptcies,<\/a>&nbsp;<a href=\"https:\/\/oilprice.com\/Energy\/Natural-Gas\/Giant-LNG-Projects-Face-Coronavirus-Death-Or-Delay.html\" target=\"_blank\" rel=\"noreferrer noopener\">canceled projects<\/a>, and declining demand. It is highly likely that history will show that this point in time was the beginning of the<a href=\"https:\/\/www.ft.com\/content\/a7901eae-411e-43d0-8103-1f3c8d3a990c\" target=\"_blank\" rel=\"noreferrer noopener\">&nbsp;golden era of renewable energy<\/a>&nbsp;and the decline of the fossil fuel&nbsp;industry.&nbsp;<\/p>\n\n\n\n<figure><iframe allowfullscreen=\"true\" class=\"\" src=\"https:\/\/platform.twitter.com\/embed\/index.html?dnt=false&amp;embedId=twitter-widget-2&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1283324322552184833&amp;lang=en&amp;origin=https%3A%2F%2Fwww.desmogblog.com%2F2020%2F07%2F25%2Ftrump-golden-era-energy-lead-fracking&amp;siteScreenName=desmogblog&amp;theme=light&amp;widgetsVersion=9066bb2%3A1593540614199&amp;width=550px\"><\/iframe><\/figure>\n\n\n\n<p><strong>Fracked Shale Oil and Gas Industry&nbsp;Failing<\/strong><\/p>\n\n\n\n<p>President Trump\u2019s 2016 campaign was backed heavily by the oil and gas industry, with strong support from fracking\u00a0CEOs like\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.washingtonpost.com\/news\/post-politics\/wp\/2016\/07\/20\/heres-the-back-story-on-how-donald-trump-won-over-oil-billionaire-harold-hamm\/\" target=\"_blank\">Continental Resources&#8217; Harold Hamm.\u00a0<\/a>The story of record American oil production due to fracking was even being\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/apnews.com\/5dfbc1aa17701ae219239caad0bfefb2\" target=\"_blank\">touted by President Obama<\/a>, who rightfully took credit for the fracking boom that occurred on his watch. That&#8217;s\u00a0despite President Trump recently taking credit for it as\u00a0well.\u00a0<\/p>\n\n\n\n<figure><iframe allowfullscreen=\"true\" class=\"\" src=\"https:\/\/platform.twitter.com\/embed\/index.html?dnt=false&amp;embedId=twitter-widget-3&amp;frame=false&amp;hideCard=false&amp;hideThread=false&amp;id=1282810687560069121&amp;lang=en&amp;origin=https%3A%2F%2Fwww.desmogblog.com%2F2020%2F07%2F25%2Ftrump-golden-era-energy-lead-fracking&amp;siteScreenName=desmogblog&amp;theme=light&amp;widgetsVersion=9066bb2%3A1593540614199&amp;width=550px\"><\/iframe><\/figure>\n\n\n\n<p>But as we have documented over the last&nbsp;<a href=\"https:\/\/www.desmogblog.com\/finances-fracking-shale-industry-drills-more-debt-profit%23%3A~%3Atext%3DSearch-%2CFinances%2520of%2520Fracking%253A%2520Shale%2520Industry%2520Drills%2520More%2520Debt%2520Than%2520Profit%2Ccompanies%2520are%2520still%2520borrowing%2520heavily.\">two years at DeSmog<\/a>, the fracked oil industry has been a financial failure for more than the past decade. The industry produced record amounts of oil and gas&nbsp;but lost huge sums of money in the process. And now even industry leaders are admitting the&nbsp;U.S.&nbsp;oil industry&nbsp;<a href=\"https:\/\/www.ft.com\/content\/320d09cb-8f51-4103-87d7-0dd164e1fd25\" target=\"_blank\" rel=\"noreferrer noopener\">has already peaked<\/a>, a little more than a year after President Trump declared the beginning of the \u201cgolden&nbsp;era.\u201d&nbsp;<\/p>\n\n\n\n<p>\u2026click on the above link to read the rest of the article\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trump\u2019s Golden Era of Energy Is Turning to Lead It was just over a year ago that President Trump&nbsp;announced,&nbsp;\u201cThe golden era of American energy is now underway,\u201d saying that his policies focused on exploiting oil, gas, and coal were \u201cunleashing energy&nbsp;dominance.\u201d&nbsp; What a difference a year makes. On July 10, the Financial Times ran an [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[5317,328,331,11782,827,7894,7251,846],"class_list":["post-54364","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-desmog-blog","tag-fossil-fuels","tag-fracking","tag-justin-mikulka","tag-united-states","tag-us-oil-and-gas-industry","tag-us-peak-oil","tag-us-shale-oil"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54364","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=54364"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54364\/revisions"}],"predecessor-version":[{"id":54365,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/54364\/revisions\/54365"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=54364"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=54364"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=54364"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}