Op-Ed: How the US can use the Covid-19 crisis to reimagine energy, save jobs and stabilize markets
Yet there is an opportunity in the oil industry's unprecedented crisis — and in the further months of market volatility that will come with it.
Clean energy producers would have a prominent place at the table – to include everything from advanced batteries and solar to nuclear and carbon capture. So would major consuming states like China and India. The institutional setting would go far beyond anything possible even in an expanded OPEC-plus-plus, but producing states would be there.
In working to convene such a conversation, President Trump would be building on the credibility he has gained among oil producing countries by brokering the recent, unprecedented production cut, without which the oil prices crisis would be far worse. The IEA intended that meeting to be the first of many in the coming weeks "to exchange ideas, reflect, and drive strategic action," wrote Birol and Dan Jorgensen, Danish minister for climate energy and utilities, describing their convening's purpose.
"The polarized politics in Washington make the desired orderly transition impossible in a timeframe that is relevant to the current employment crisis," says Bell. "All-or-nothing measures will only cause more paralysis while workers suffer."
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