While big price spikes in oil might be good for Big Oil in the short term, this just makes the economic argument for the clean energy transition that much clearer

I believe that I can confidently claim that one thing that Trump is not guilty of is smart long-term thinking.

I wonder what Big Oil is thinking these days.

War is Good (for Big Oil)

Among the consequences of the US/Israel-Iran War is the ongoing rise in oil prices. Another consequence of this war is the significant increase in the resources and money the US directly provides Big Oil, whether through the purchase of higher volumes of fossil fuels (at higher costs) to feed military actions or in the indirect expenses of insurance and military protection coverage of the significant chunk of the oil transport market that passes through the Strait of Hormuz. That’s right: the United States government is now getting into the business of insuring oil tankers, since Lloyds of London and the other main marine insurers aren’t interested in covering loss of shipping when their clients ply the waters adjacent to Iran. There are other geopolitical consequences, too, such as today’s “permission” by our government to allow India to buy Russian oil, where the higher prices for oil will bring in more revenue to Russia and thus help that country prosecute its war against Ukraine, but hey, that doesn’t seem to be a bug for Trump’s program, but rather a feature.

And then, of course, armed conflict causes a noticeable spike in greenhouse gas emissions. Here’s a Gemini AI summary to the search, “war and greenhouse gas emissions”:

Global military activity contributes approximately 5.5% of annual global greenhouse gas emissions, a figure larger than the entire aviation industry. Wars, such as in Ukraine and Gaza, release immense CO₂ through fuel-heavy combat, infrastructure destruction, and future reconstruction needs, often operating outside mandatory international reporting standards. 

Key Aspects of War and GHG Emissions:

• • Massive Carbon Footprint: If the world’s militaries were a country, they would rank as the fourth largest emitter globally.
  • Major Conflicts: The first 15 months of the war in Gaza resulted in at least 32 MtCO₂e, comparable to Croatia’s annual emissions. Russia’s invasion of Ukraine has generated an estimated 230 MtCO₂e in roughly two years.
  • Fuel Consumption: Militaries are intensive consumers of fossil fuels. The U.S. Department of Defense is considered the world’s largest institutional consumer of oil.
  • Infrastructure & Rebuilding: Beyond immediate combat, destroying cities and the subsequent carbon-intensive reconstruction efforts create significant, long-term environmental impacts.
  • Transparency Gaps: Military emissions are often exempted from international climate agreements like the Paris Agreement, making their true impact hard to track.

So now add to the above count the US-Israel-Iran War and the expansion of the conflict throughout the Middle East.

Big Oil—Happy, Sad, or Confused?

I’ll play an amateur psychologist for Big Oil and try to think through the emotive state of the industry. The good (i.e., happy) news for Big Oil is that the price per barrel has been quickly climbing due to the latest Mideast conflict, and that means profitability is up, and especially for the U.S. industry. Big Oil has been operating on a surplus basis price-wise, hovering not that far above profit margin make-or-break levels with per-barrel costs around the sixty-dollar mark. But today, Brent Crude is up $7.28 per barrel, or $92.69. Natural gas too is climbing. It is great for the U.S. fossil fuel corporations having Trump as their front man, considering that the supply of Mideast oil and gas is curtailed, so profits accrue more to the U.S. corporations. Headlines talk about oil hitting $150 per barrel in weeks.

If you’re happy and you know it, clap your hands.

Big Oil’s applause—especially for the U.S. corporations—grows louder when you consider the anti-clean energy efforts of President Big Oil Stooge. The States are facing growing electricity demand with the much-ballyhooed AI data center predictions, but also for the welcome electrification of heating and cooling, transportation, and some electrification expansion in various segments of industry.

Dark Clouds in Reality Land

But this boon has the capacity to go bust. Not because AI and data centers aren’t a real thing, although there’s a bunch of questions about this, too. One big question centers on just how real the electricity growth load demand really is, but I’ll leave further discussion on this topic to another recent post, “Fossil Fuel Demand Growth Uber Alles.”

On the other hand, any price rise in fossil fuels makes clean energy that much more competitive and the issue of affordability is rising across the country. Even in Trumpland, there’s a growing chorus for solar power. From Solar Energy Industries Association,” published on February 19, 2026:

A recent poll from Fabrizio, Lee & Associates, chief pollster for President Trump, found that a clear majority of Republicans support expanding solar power in the United States. In the survey, 68% of GOP voters agreed that “we need all forms of electricity generation, including utility solar, to be built to lower electricity costs,” while 70% said they support utility-scale solar deployment when projects use American-made materials. Another poll from Kellyanne Conway’s KA Consulting showed that three-quarters of Trump voters (75%) in Arizona, Florida, Indiana, Ohio, and Texas believe that solar energy should be used in the U.S. to strengthen and increase our energy supply.

This story is not simply wishful thinking on the part of pro-solar outfits like the SEIA. This story is making headlines and getting coverage in the mainstream media.

The U.S. Energy Information Administration (EIA) projects a record 86 GW of new utility-scale electric generating capacity will be added to the U.S. grid in 2026, driven by a 62% increase in renewable energy additions over 2025 levels. Solar (51%) and battery storage (28%) dominate the growth, with 93% of new capacity coming from renewables and storage, including 43.4 GW of solar and 24.3 GW of battery capacity.

If these projections hold, renewables (including small-scale solar) are expected to surpass natural gas in total capacity by the end of 2026. And these projections were done well before the US/Israel-Iran War. Consider, too, that the Trump’s administration is hostile to clean energy. Consider, too, that most other nations aren’t hostile to clean energy and with spikes in price of natural gas, I’m guessing other nations reliant on natural gas and other fossil fuel imports grow even less happy with such dependency.

It remains to be seen how long the price jump for fossil fuels will continue. The cost of running a gasoline-powered car or diesel-based transport continues to climb, and there are already signs of a resurgence of EVs in the U.S., although there’s already been plenty of solid growth of EVs in the majority of the world.

So, How Happy is Big Oil?

As much as I’m horrified by Trump’s stupid fantasy play with real world life-and-death ramifications, I find myself wondering if the foreign military entanglements might boost the move away from Trump and his madness. The 2026 midterms look better than ever for the shift in Congress toward the Democrats and with Trump’s gang of incompetents mucking up the economy and dealing out threats to democracy, 2028 looks good for a full ousting. Of course, if Democrats keep their fealty to corporations as a priority, my bet is off.

Dear Josephine, the second book of The Steep Climes Quartet, takes place in 2029. There’s a new, unnamed Democratic administration just in, and the Congress has moved toward progressive gains. Energy and climate policies are back in play, with the sort of 100-Day advances a guy can hope for, but politics still has its partisan problems and by no means are all Democrats clear about working for citizens instead of corporations. Campaign funding reform has not been accomplished, but the fight is on. Progress moves more slowly than many of us might like, but progress takes place. Big Oil’s efforts to maintain business continues, especially in the push to get more and more gas plants built. By 2035, which is the year Over Brooklyn Hills, the third book of The Steep Climes Quartet, takes place, Big Oil is on its back foot, but still has plenty of kick left, even as court cases against the industry and pro-energy transition legislation do well. The problem remains of too much money in the political system, although real progress to kill Citizens United and the absurd legal foundation for that awful decision is finally imminent. Everyday life continues: people struggle with bills and are exasperated or delighted in relationships, work, and circumstances beyond an individual’s control.

The carbon emission tide is turning, but slowly, like the proverbial change in direction of a large ship’s course. Plenty of damage has been done and shows up in climate change consequences. Tipping points are an ongoing concern. Greed, power, and selfishness are counterpoints to our better angels.

We Are All Sad, Really

As excited Big Oil may be about expanded sales and profits, they live in the same world as the rest of us, and that world is getting hotter because of Big Oil’s expanded sales and profits. From the AGU Journals collection, Advancing Earth and Space Sciences posted a Geophysical Research Letter titled “Global Warming Has Accelerated Significantly,” authored by G. Foster, S. Rahmstorf, and first published on March 6, 2026. Fortunately for us non-scientists, AGU offers a plain text summary, as follows:

The rise in global temperature has been widely considered to be quite steady for several decades since the 1970s. Recently, however, scientists have started to debate whether global warming has accelerated since then. It is difficult to be sure of that because of natural fluctuations in the warming rate, and so far no statistical significance (meaning 95% certainty) of an acceleration (increase in warming rate) has been demonstrated. In this study we subtract the estimated influence of El Niño events, volcanic eruptions and solar variations from the data, which makes the global temperature curve less variable, and it then shows a statistically significant acceleration of global warming since about the year 2015. Warming proceeding faster is not unexpected by climate models, but it is a cause of concern and shows how insufficient the efforts to slow and eventually stop global warming under the Paris Climate Accord have so far been.

If even this is too long to read, here are the key points:

Key Points

• • During the last decade, the rate at which Earth warmed increased substantially
  • After removing the influence of known natural variability factors, the increase of the warming rate is statistically significant
  • At the present rate, we will exceed the 1.5°C limit of the Paris Climate Accord by 2030

We no longer have the opportunity to keep global warming from occurring, but we do have the capacity to slow down carbon emissions and make it more likely that climate change consequences are less severe.

If you’re happy and you know it, clap your hands.