The World Isn’t Ready for Peak Oil
The coronavirus crisis is revealing the instability a sudden move away from petroleum would bring—but also giving us the chance to help countries make the necessary transition.
Two months ago, the world experienced a historic collapse in oil prices, as coronavirus-related shutdowns cratered global demand, briefly turning prices for May delivery negative. Prices have since rebounded modestly, but they remain unsustainably low for countries that depend on oil exports to generate government revenue.
The resulting instability, from the Middle East to Africa to the Americas, raises a flurry of immediate national-security concerns. But the current crisis also offers a stark preview of the challenges the world will face if it negotiates a climate accord without also moving to stabilize the more
