As American fossil fuel companies were trying to recover in late 2020 from the pandemic-induced oil crash, two fresh blows landed on a battered sector.
First came news from Europe, where utility group Engie, under pressure from the French government, scrapped a deal to import American liquefied natural gas. The authorities deemed it too dirty because of the greenhouse gas emissions associated with shale oil and gas production. A crucial export market for US fossil fuels was closing.
Then, in November, came the election of Joe Biden, a man who pledged as a presidential candidate to “transition from oil”, curb shale drilling, enact sweeping new climate legislation and break America’s dependence on fossil fuels. History was about to leave US oil and gas behind.