North American drilling boom threatens major blow to climate efforts – report

The Guardian reports today that “More than half of the world’s new oil and gas pipelines are located in North America, with a boom in US oil and gas drilling set to deliver a major blow to efforts to slow climate change, a new report has found.

“Of a total 302 pipelines in some stage of development around the world, 51% are in North America, according to Global Energy Monitor, which tracks fossil fuel activity. A total of $232.5bn in capital spending has been funneled into these North American pipeline projects, with more than $1 trillion committed towards all oil and gas infrastructure.”

“If built, these projects would increase the global number of pipelines by nearly a third and mark out a path of several decades of substantial oil and gas use.” Read more . . .

Download report HERE:

“From 2011 to 2016, following a period of heady optimism and over-expansion based on expectations of surging Asian demand, coal mining company values plummeted and bankruptcies decimated the sector. . . . Today, investors in the booming expansion of oil and gas infrastructure appear headed for a similar shock, as boom-fueled optimism runs into climate realities and fiscal limits . . .”

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