• About
    • Which Energy Mix is this?
  • Climate News Network Archive
  • Contact
Celebrating our 1,000th edition. The climate news you need
No Result
View All Result
The Energy Mix
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities
SUBSCRIBE
DONATE
No Result
View All Result
The Energy Mix
No Result
View All Result
  FEATURED
EXCLUSIVE: Hydrogen is Up, Pieridae is Out as German Chancellor Preps for Canada Visit August 15, 2022
Historic Climate Bill Passes U.S. House, Goes to Biden for Signature August 15, 2022
BREAKING: U.S. Senate Passes Historic $369B Climate Package August 7, 2022
Researchers Point To ‘Dangerously Unexplored’ Risk of Global Climate Catastrophe August 2, 2022
Koch Network Pressures Manchin, Sinema as Advocates Praise ‘Game Changing’ Climate Deal August 2, 2022
Next
Prev

Biden Presidency Could Trigger Lower Oil Prices by Easing Sanctions on Iran

November 3, 2020
Reading time: 2 minutes

Eric Haynes /Data For Progress

Eric Haynes /Data For Progress

1
SHARES
 

Beyond Joe Biden’s declaration during the final U.S. presidential debate that he understands the need for a transition off oil, there’s something else for fossils to worry about in the event that Biden wins the White House.

There’s a strong possibility Biden would reinstate the nuclear deal with Iran that President Barack Obama concluded in 2015, while Biden was VP. Depending on how and how quickly that happened, the crushing economic sanctions Donald Trump subsequently imposed on the country “could eventually be eased, opening the sluices for more than two million barrels a day of Iranian crude exports,” Bloomberg reports.

The prospect “that major producer Iran may regain its role in international trade” would be a major headache for fossils scrambling to survive in a “fragile” global oil market, the news agency adds.

Click here for our Special Report on climate and the U.S. election.

“The timing for the oil market is fraught,” Bloomberg explains. “The OPEC cartel, which includes Iran, is restraining supply to prop up prices as the coronavirus ravages demand.”

But if Biden’s wins, “Wall Street banks including Goldman Sachs Group Inc., JPMorgan Chase & Co. and RBC Capital Markets LLC foresaw one million barrels a day or more of Iranian crude hitting the market next year.”

That increase in supply, without a corresponding hike in demand, would drive down oil prices that are already low enough to be a serious threat to fossil companies’ survival. Last week, analysts at Rystad Energy projected that fossil bankruptcies in North America alone will likely exceed US$100 billion this year, while the Financial Times had European fossil stocks falling by €360 billion while renewable energy companies surged.

“In Tehran, the country’s leaders aren’t saying how much or how soon they could boost output and exports should the U.S. rejoin the nuclear pact—known as the Joint Comprehensive Plan of Action—and start peeling away sanctions,” Bloomberg writes. And the longer it takes, the less powerfully it might shift global oil prices—although analysts say they’ve yet to price that impact into their price forecasts.

“A U.S. president has authority to ease sanctions through executive orders or by issuing waivers that allow the purchase of Iranian oil,” and “sanctions waivers might serve as a sweetener for Iran to return to talks,” the news agency adds. Then again, a move along those lines could trigger a reaction from other petro-states in the region, including Saudi Arabia, as lower prices cut into their oil revenue.



in Climate & Society, Energy / Carbon Pricing & Economics, Energy Politics, Fossil Fuels, Jurisdictions, Middle East, Oil & Gas, United States

The latest climate news and analysis, direct to your inbox

Subscribe

Related Posts

TGEGASENGINEERING/Wikimedia Commons
Energy Politics

EXCLUSIVE: Hydrogen is Up, Pieridae is Out as German Chancellor Preps for Canada Visit

August 15, 2022
1
/Pikist
United States

Historic Climate Bill Passes U.S. House, Goes to Biden for Signature

August 15, 2022
2
Brocken Inaglory/wikimedia commons
Severe Storms & Flooding

State-Wide Megastorm Driven by Global Heating Could Drench California for a Month

August 15, 2022
3

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

Trending Stories

Early stages of construction on the Flamanville 3 nuclear reactor in France

Failing French Nuclear Plants Drive Up Electricity Costs as Heat Waves Cut Production

August 14, 2022
614
François GOGLINS/wikimedia commons

Corrosion Problem Shutters Half of France’s Nuclear Reactors

August 2, 2022
1.7k
Σ64/Wikimedia Commons

Global Push for Hydrogen Sidesteps Knowledge Gaps on Climate Impacts

August 11, 2022
347
Muramasa/Wikimedia Commons

Newfoundland Wind Farm Would Power Coastal Green Hydrogen Plant

July 17, 2022
720

Focus Blame for Climate Change on Fossils and Governments, Ecoanalytics Advises

August 11, 2022
154
Bernard Spragg/flickr

$12.3B in Profit over 3 Months as Big Fossils Reject Federal Emissions Cap

August 11, 2022
291

Recent Posts

TGEGASENGINEERING/Wikimedia Commons

EXCLUSIVE: Hydrogen is Up, Pieridae is Out as German Chancellor Preps for Canada Visit

August 15, 2022
1
/Pikist

Historic Climate Bill Passes U.S. House, Goes to Biden for Signature

August 15, 2022
2
Brocken Inaglory/wikimedia commons

State-Wide Megastorm Driven by Global Heating Could Drench California for a Month

August 15, 2022
3
Vinaykumar8687/WikimediaCommons

Solar On Track for ‘Staggering’ 30% Growth This Year

August 15, 2022
1
UK Black Tech/wikimedia commons

U.S. Tech Workers Leaving High-Paying Jobs to Focus on Climate Crisis

August 15, 2022
1
U.S. Fish and Wildlife Service

Arctic Warms 4 Times Faster than Global Average, Surpassing Estimates 

August 15, 2022
1
Next Post
Harald_Landsrath/ Pixabay

Polarstern Scientists Use Drones to Gather Key Data on Arctic Sea Ice Melt

The Energy Mix

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Navigate Site

  • About
  • Contact
  • Privacy Policy and Copyright
  • Cookie Policy

Follow Us

No Result
View All Result
  • Canada
  • UK & Europe
  • Fossil Fuels
  • Ending Emissions
  • Community Climate Finance
  • Clean Electricity Grid
  • Cities & Communities

Copyright 2022 © Smarter Shift Inc. and Energy Mix Productions Inc. All rights reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behaviour or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}