How to Cope With Oil Anxiety on Earth Day

How to Cope With Oil Anxiety on Earth Day

Oil is the focal point of the modern world’s anxiety over climate change, geopolitical risk and inflation. From environmental protesters glueing themselves to oil tankers in London to eye-watering prices outside petrol stations, the black stuff has gone from an everyday commodity to a motif for the ills of modern capitalism.

While you can’t be too complacent about either environmental destruction or doing business with rogue regimes, it’s easy to feel overwhelmed by our dependence on oil and the impact that’s having on the planet. As Earth Day approaches, we look at 10 reasons why the Great Oil Panic may be overblown.

Russian’s invasion of Ukraine has exposed the West’s dependence on fossil fuels and brought an added urgency to the energy transition. Where we get our energy from is now a key political issue European governments are wrestling with. And they know the “it doesn’t matter as long as it’s cheap” argument will not wash with well-informed voters any more.