Could we be near the moment to really address climate change?
A quick answer is “no.” Of course not.
But the idea of cheap gas could help sell climate action. If it’s not profitable to pump oil right now, perhaps, oil companies will find a reason to delay investments in new projects. That means leaving carbon products in the ground for a better return on investment.
The reason for the sharp decline in the price of oil is both demographic and structural. And it’s not likely to change soon.