Is the World Moving On from Oil – While the US Moves Back Towards It?

 

Is the World Moving On from Oil – While the US Moves Back Towards It?

From a UK perspective, the global direction of travel on climate change appears clear. The UK has legally binding net-zero targets, expanding offshore wind, growing solar capacity, and an ongoing (if sometimes messy) shift toward electrification and energy efficiency.

Yet internationally, the picture is far less consistent.

Recent developments involving Venezuela raise an uncomfortable question:
while Europe talks about phasing out fossil fuels, is the United States preparing for a future with more oil?

Venezuela: A Carbon Giant Waiting in the Wings

Venezuela holds the largest proven oil reserves in the world, much of it heavy crude that is particularly carbon-intensive to extract and refine. Years of political instability, sanctions, and under-investment have left production a fraction of what it once was.

From a UK standpoint, this matters because any significant revival of Venezuelan oil production would not just affect American energy markets — it would influence global oil prices, emissions trajectories, and climate negotiations.

Energy Security vs Climate Credibility

The argument often made is one of energy security. With global instability, the US wants reliable oil supplies close to home rather than relying on the Middle East or Russia.

But from a European — and particularly British — perspective, this approach feels increasingly out of step with climate commitments. The UK government continues to argue that:

• new fossil fuel developments must be limited

• emissions must fall rapidly this decade

• renewable energy and storage are the long-term solution

Against that backdrop, expanding access to one of the world’s largest untapped oil reserves risks locking in fossil fuel dependency just as science says we must do the opposite.

Why This Matters to the UK

Even if the oil is produced elsewhere, the climate impact is global. Carbon emissions do not respect borders. Increased supply also risks:

• slowing investment in renewables

• prolonging internal combustion engines

• undermining international climate agreements

For a country like the UK — already feeling the effects of flooding, heatwaves and ecosystem stress — global backsliding on fossil fuels has direct consequences at home.

A Fork in the Road

The real issue isn’t whether Venezuelan oil can be produced. Technically, it can — given enough money and time.

The question is whether major economies are truly committed to a low-carbon future, or whether climate promises unravel when cheap oil becomes geopolitically convenient.

From a UK point of view, credibility matters. If leading nations hedge their bets on fossil fuels, it becomes far harder for others to justify difficult transitions at home.

Are we genuinely moving beyond oil — or just moving it around the map?