Medium: Oil, The Unlikely Deglobalizer

-Read more:Sarah Miller - 11 Oct. 2022
--Our supposedly globalized world is fragmenting at an astounding pace. Each week brings bizarre new mixes of climate catastrophe with economic, political and social splits in the seamless World Interior of Capital that was supposedly built with enduring strength over the centuries and completed with the collapse of the Soviet Union.
The latest surprise is the emergence of the oil and gas industry as an active agent in breaking up the big-is-better globalized trading system that grew up in such harmony with fossil fuel exploitation. I and many others long expected renewables to be the unchallenged lead player in turning energy into a regional or even local affair. Big Oil would be merely the deserving victim of climate policy and trade feuds. It seems we were wrong.
This amounts to a turn towards self-destruction by the oil industry. It’s geopolitically driven and will weaken the fabric of fossil fuel markets — hardly what the oil and gas industry would have chosen....