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@impermanen_@zirk.usOne bit of silver lining for the #climate in Trump’s chaotic trade policy: US oil execs are so rattled by it they say they now expect to reduce drilling and extraction instead of increasing it.
Sharp reductions in shipping and consumption due to high tariffs will cut demand for fossil fuels. Execs fear this will bring oil prices down to a level where fracking is no longer economic. “‘Drill, baby, drill’ does not work with $50 per barrel oil,” wrote one producer.
Honestly, if it happens this way I’d expect the administration to try to keep the fracking boom on life support with subsidies as a matter of pride. His policies, such as they are, are likely to be more like those of Hitler and Mussolini: not so much capitalist as dirigiste. That is, he’ll want everyone in industry coming on bended knee to him. If he can pull that off it will further contract private investment and GDP and cause a chain of crises as the old capitalist economy starts to collapse.