By Bill Sternberg, Callaway Climate Insights
(Bill Sternberg is a veteran Washington journalist and former editorial page editor of USA Today.)
WASHINGTON, D.C. (Callaway Climate Insights) — Russia’s brutal war on Ukraine has scrambled the climate debate here in ways that were nearly unthinkable just months ago.
Last year, the fossil fuel industry was on the defensive. On his first day in office, President Joe Biden killed the Keystone Pipeline project to carry oil from western Canada to U.S. refineries. Later in 2021, the House of Representatives passed a bill that would have raised more than $100 billion in revenue from fossil fuel interests, restricted drilling in the Arctic National Wildlife Refuge, increased royalty fees for drilling on federal land, and imposed an escalating charge on methane emissions. The Securities and Exchange Commission began drafting rules to force corporations to disclose carbon emissions and climate risks. Activist investors portrayed the major energy companies as dinosaurs and pressed them to move more quickly toward decarbonization.
What a difference an invasion makes. In the wake of Russia’s attack, Big Oil is making a big comeback. Abiding by the adage that “a crisis is a terrible thing to waste,” industry executives and their congressional allies are using the war to press for pipeline approvals, more drilling rights and greater exports of natural gas. . . .
To read more of this column, all our insights, news and in-depth interviews, please subscribe and support our great climate finance journalism.
Callaway Climate Insights Newsletter
The Average American Has No Idea How Much Money You Can Make Today (Sponsor)
The last few years made people forget how much banks and CD’s can pay. Meanwhile, interest rates have spiked and many can afford to pay you much more, but most are keeping yields low and hoping you won’t notice.
But there is good news. To win qualified customers, some accounts are paying almost 10x the national average! That’s an incredible way to keep your money safe and earn more at the same time. Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 3.80% with a Checking & Savings Account today Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Click here to see how much more you could be earning on your savings today. It takes just a few minutes to open an account to make your money work for you.
Our top pick for high yield savings accounts includes other benefits as well. You can earn up to 4.00% with a Checking & Savings Account from Sofi. Sign up and get up to $300 with direct deposit. No account fees. FDIC Insured.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.