During the Biden Administration, the Democratic energy policies launched an aggressive push toward renewable energy, largely influenced by the Green New Deal. This public policy aimed to combat climate change while promoting job creation, economic growth, and reducing economic inequity. However, the oil and gas industry found itself under intense pressure, with major publicly traded companies forced to comply with regulations that prioritized renewables over fossil fuels. The narrative suggested that humanity was on the brink of self-destruction due to its reliance on fossil fuels, painting even Elsie the cow as a villain contributing to global emissions.

Recently, energy giants like BP, Shell, and ExxonMobil have taken a step back from the renewables-heavy approach, signaling a return to traditional oil and gas investments. In 2024, BP reported a net income of $8.9 billion, a sharp decline from the previous year’s $13.8 billion due to a shift toward renewable energy. Acknowledging the financial downturn, BP's top executives decided to increase funding for oil and gas exploration by 25% annually while cutting back their renewables investment by 70%—a move that has positively impacted their stock prices. Shell and ExxonMobil have followed suit, recognizing that petroleum remains a cornerstone of modern society.

The reality is that over 6,000 everyday products are derived from crude oil. Items such as plastics, adhesives, sealants, asphalt, chemicals, detergents, medical supplies, and synthetic rubbers all rely on petroleum-based materials. Imagine a world where medical facilities lacked essential supplies, or where the construction industry ground to a halt due to a shortage of materials. Without natural gas and crude oil, advancements in transportation, housing, and even healthcare would be at risk.

The economic impact of oil and gas is undeniable. The discovery of major U.S. shale plays like the Eagle Ford, Haynesville, and Marcellus Shale has transformed American farmers into prosperous mineral rights owners. These developments have not only enriched individual landowners but have also strengthened the U.S. economy, ensuring energy independence and job creation across multiple industries.

Historically, the oil and gas industry has driven some of the most significant technological advancements. Without crude oil, innovations like space exploration, NASCAR, and global air travel might never have materialized. The importance of petroleum dates back centuries—Native Americans first discovered natural gas seeping from the ground near Lake Erie in 1626. In 1847, Abraham Gesner developed a process to refine kerosene, offering a cleaner and more cost-effective alternative to whale oil. By 1875, crude oil became the world's most valuable resource after David Beaty’s discovery in Pennsylvania, and by the 1880s, the Bradford oil field accounted for 77% of global production.

In the modern era, technological advancements like AI-powered energy solutions continue to evolve, and natural gas is expected to play a crucial role in meeting increasing energy demands. According to EQT CEO Toby Rice, natural gas will be vital for powering AI infrastructure: “This is not just a luxury item—it’s absolutely critical that America wins the AI race.”

So, is the Green New Deal dead?

While its vision sounded promising in theory, the economic and technological realities of today suggest that a full transition away from fossil fuels is neither practical nor beneficial. Instead of eliminating traditional energy sources, a balanced approach—leveraging both oil and gas alongside renewables—may be the key to sustainable progress.

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