While a coalition of leftists, globalists, and rent-seekers rage about President Trump’s awesome decision to withdraw America from the Paris climate hoax, a key aspect of the president’s announcement is being overlooked — his offer to renegotiate.
In his Rose Garden speech, Trump stated:
So we are getting out. But we will start to negotiate and we will see if we can make a deal that’s fair. And if we can, that’s great. And if we can’t, that’s fine.
As a leader in the climate skeptic movement, I was at first disappointed to hear about the possibility of renegotiation. But upon further reflection, I considered that Trump had simply included it as one might use “sure, I’ll call you” following a bad date.
Yet now, I’ve concluded that his renegotiation offer may actually be brilliant, and could possibly be utilized to help American businesses, to solve real environmental problems, and even to assuage climate alarmists.
Thanks to fracking, America has a surfeit of natural oil and gas. So much so that our glut has depressed global oil prices.
Although Obama’s war on coal was wrong, it was made possible by the gas glut. There would have been no way for utilities to switch from coal to gas without the surfeit provided by fracking. But as a result, America’s carbon dioxide emissions are back down to 1990s levels. So fracking is a tried-and-true way to reduce emissions while keeping electricity prices low.
Our problem, though, is that the gas glut is not only hurting the coal industry, but it’s also hurting the oil and gas industry by keeping prices so low. If prices are too low, incentives for greater production are limited. Prices are hurting ExxonMobil so much, for example, the oil giant actually supports a carbon tax as a means of raising prices.
That’s bad business, bad policy, and bad politics.
A much better policy: Look to Europe and China, two large economies that have major problems which American natural gas can solve.
Europe is dependent on Russia for a large part of its gas supply, and is therefore vulnerable to the whims of Vladimir Putin on energy — and just about everything else. In China, the dirty way it burns coal for residential heating and cooking befouls its air, especially during the winter, to the point where deadly accidents occur because of visibility problems.
President Trump should sit down with the Europeans and the Chinese and offer them America’s natural gas.
Natural gas would wean Europe off of Russia.
Natural gas would help clean Chinese air and reduce its carbon dioxide emissions — if you worry about that sort of thing — by 50 percent. Remember, China is the world’s largest emitter of CO2.
The United States would benefit from the end of the gas glut. Oil prices would rise, which is good for all, and, ironically, the coal industry would come back to life. Higher gas prices would also raise coal prices, helping a beleaguered industry and coal communities recover.
This deal makes America wealthier, strengthens national security, “reduces emissions,” and goes a long way towards resolving China’s air quality problems. It’s a real win for everyone — even those who believe in the climate hoax.