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Oh, he’d never self-identify as an environmentalist. But not even climate activists have had the courage to propose a 10% tax on energy.

Dear Donald Trump,
I will be honest with you. I doubted at first. I didn’t understand the plan. But now that I see what you are doing, I have to say: I underestimated you. I was not really familiar with your game.
Yes, I finally see it all now. Even though you have attacked environmentalists for years, even though you have called climate change a “hoax” and a “scam,” and even though you have given climate deniers access to the highest echelons of your administration, I finally appreciate your peculiar genius.
You say that your big and beautiful tariffs are meant to bring about a new American golden age, but I know you’re hiding the truth. With your unprecedented tariffs on Canadian and Mexican imports — and your levies on building materials of all sorts — you are doing what nobody else has had the courage to do.
You are trying to engineer the shock decarbonization of America — no matter the peril, no matter the cost.
Yes, it might seem crazy. But think about it. For years, whenever environmentalists have gathered in secret — and I’m talking the real radicals here, not the ones who send out mailers or go on TV — they plot about a vast agenda to remake America. They hate the fossil fuel industry, of course. But they go further than that. They loathe driving, so they want to destroy the auto industry. They hate big trucks, especially SUVs and pickups. They want to make gasoline more expensive. And really, if we’re being honest, they want to force everyone to live in cities.
I don’t go for such a radical agenda, myself. I’m much more of a moderate. But I have to admit: I know a secret radical environmentalist when I see one. And you, Mr. Trump — well, I won’t say it out loud. But as one former Democratic climate official texted me (and this is real), it might be time to start talking about a “GREEN NEW DONALD.”
Just think about it. Transportation is the most carbon-intensive sector of the U.S. economy, and big personal vehicles — SUVs and pickups — are responsible for the largest share of that pollution. Selling those big trucks to Americans is what drives Ford and General Motors’ profits, and those two companies have developed complex supply chains that can cross the U.S., Mexican, and Canadian borders half a dozen times before their vehicles’ final assembly. The biggest trucks — like the Chevy Silverado — have a particularly arcane value chain, spanning Canada, Mexico, Germany, and Japan.
Environmentalists have struggled to figure out how to deal with Americans’ affinity for these big cars. But you, Mr. Trump, you knew just what needed to be done. You slapped giant tariffs on cars and trucks and auto parts, which could spike new car prices by $4,000 to $10,000, according to Anderson Economic Group.
There’s even a good chance that price hike could hit internal combustion cars worse than it hits EVs — in part because the internal-combustion car supply chain has existed for longer and has had more time to ooze across North America. This widespread damage could prompt layoffs at Ford and GM — but you didn’t hesitate for the climate’s sake, comrade! You were ruthless.
But Mr. Trump, you didn’t stop there. As you surely know, roughly a third of America’s greenhouse gas emissions come from natural gas. It is the prize jewel of fossil fuels, and it’s absolutely core to the U.S. energy system — and Mr. Trump, you did not hesitate to tax it directly. Thanks to your new 10% tariff on Canadian energy imports, American consumers can now expect to pay an extra $1.1 billion a year for natural gas, according to the American Gas Association. Those higher costs will be concentrated in western states and New England.
Your tariffs are also going to make electricity prices go up, particularly in some of the swingiest congressional districts around the Great Lakes. Electricity will also get more expensive in Maine, which has a Senate race in 2026. Mr. Trump, this is an act of true political courage. Normally, environmentalists wouldn’t support raising electricity prices, because it might discourage people from buying EVs or electrifying their homes. But since you’re raising electricity and natural gas and oil prices at the same time, you’re practically begging Americans to buy heat pumps, induction stoves, and invest in energy efficiency technologies essential for decarbonization. And to do so even though it might put your own party’s control of the Senate at risk? You are one hell of an environmental zealot.
Even your steel and aluminum tariffs and your new levies on Canadian lumber are inspired by your climate fervor. By raising the cost of new construction, you are discouraging single-family home construction and all but forcing more Americans to live in multi-family buildings, which are more energy efficient and have lower emissions. Mr. Trump, you really think of everything! I never should have doubted. You are going to make us live in the pods! And with your steep agricultural tariffs, you might even make us eat the bugs!
The most impressive thing you’ve done, though, is your sly little attack on the American oil industry.
The American fossil fuel industry imports more than a million barrels of oil from western Canada every day. This sulfurous sludge is important to the U.S. refining industry because it complements the lighter oil that comes roaring out of American fracking wells. By combining America’s lighter oil with Canada’s heavy crude, U.S. refineries can cheaply churn out a range of high-value products, including gasoline, diesel, and jet fuel.
It’s really important that these American refineries have easy access to as much western Canadian oil as they need as its easy availability lets them ramp up and down different types of fuel production depending on what the market requires at the moment. That’s why they have invested tens of billions of dollars in equipment specially designed to process heavy, sulfur-rich Canadian oil.
In the past, Canadian companies have tried to expand these exports. As you remember, more than a decade ago, one Canadian company wanted to build a pipeline known as Keystone XL. But this came with downsides for the climate: Canadian crude is some of the most carbon-intensive oil in the world, and burning it in large quantities could have meant it was “game over for the climate,” according to journalist-turned-activist Bill McKibben.
The goal of fighting the Keystone XL pipeline was to raise the cost of importing Canadian crude oil, hopefully keeping it in the ground, while undercutting U.S. refinery profit margins. Activists won that fight — and they had your help, Mr. Trump. After the Biden administration revoked Keystone XL’s construction permit in 2021, its developer sued the U.S. government in international trade court and lost. Ironically, it may have had a better shot at winning its case under NAFTA than under its Trump-negotiated replacement, the United States-Mexico-Canada Agreement.
But of course, even that didn’t unwind America’s and Canada’s decades of economic integration. The United States still imports hundreds of millions of barrels of Canadian oil a year, and all that oil damages the climate while simultaneously keeping U.S. gasoline prices low.
But Mr. Trump — you are now attacking this too! You astound me. You have bashed those Canadian oil imports with a 10% energy tax. This will prove even more effective at hurting the North American fossil fuel industry and raising American gasoline prices than blocking the Keystock XL pipeline did, because it will knock refineries right in their profit margins. If you play your cards right, you might even raise the cost of diesel and jet fuel too!
Now, Mr. Trump: I realize you can’t come out and say all this. In fact, you claimed last week that you wanted to revive Keystone XL, even though its developer has given up on it.
This struck many people as silly, but I know just what you are doing here. With your words, you are trying to look like a fossil-fuel-friendly Republican to please your base. But with your actions, you are actually raising taxes on the U.S. fossil fuel industry. What other explanation is there? Surely nobody would be so silly as to propose making it cheaper to import Canadian crude oil at the same time that they deliberately make it more expensive. And surely nobody would say they support autoworkers while actually destroying the U.S. auto industry. That would be truly self-defeating — and Mr. Trump, you are a winner!
Some people — well, really, just your Commerce Secretary Howard Lutnick — have implied that you might lift these tariffs as soon as tomorrow. I don’t believe them. I know what you’re up to here. You are not going to fold so soon. You are trying to keep talking the talk even as you whack away at cars, oil, and gas. I might even say that you are like a moldy strawberry: “Republican red” on the outside but “deep green” on the inside.
Now, you could go even further. Conservatives have long observed, however sarcastically, that since carbon emissions correlate with GDP in so many countries (although not in the U.S.), the fastest way to fight climate change is to engineer a giant recession. Some might assume this would be going too far for you — it would be going much too far for me. But on Tuesday, the International Chamber of Commerce warned that your tariffs could set off spiraling trade wars, putting the country in “1930s trade-war territory” and triggering a new Great Depression. Just think of how the emissions will fall from that!
Oh, Mr. Trump! You really ARE a Green New Donald. You truly are willing to sacrifice anything for the climate — even if it means kneecapping the American economy, bamboozling the world, and even ending industrial civilization to do it! Oh, Mr. Trump, I am overcome. You astound, captivate, and enthrall me. Now I understand how JD Vance feels.
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Topsy turvy oil prices aren’t great for the U.S.
Oil prices are all over the place as markets reopened this week, climbing as high as $120 a barrel before crashing to around $85 after Donald Trump told CBS News that the war with Iran “is very complete, pretty much,” and that he was “thinking about taking it over,” referring to the Strait of Hormuz, the artery through which about a third of the world’s traded oil flows.
Even $85 is substantially higher than the $57 per barrel price from the end of last year. At that point, forecasters from both the public and the private sectors were expecting oil to stick around $60 a barrel through 2026.
Of course, crude oil itself is not something any consumer buys — but those high prices would likely feed through to higher consumer prices throughout the U.S. economy. That includes the price of gasoline, of course, which has risen by about $0.50 a gallon in the past month, according to AAA, — and jet fuel, which will mean increased travel costs. “Book your airfares now if they haven’t moved already,” Skanda Amarnath, the executive director of the economic policy think tank Employ America, told me.
High oil prices also raise the price of goods and services not directly linked to oil prices — groceries, for instance. “The cost of food, especially at the grocery store, is a function of the cost of diesel,” which fuels the trucks that get food to shelves, Amarnath told me. Diesel prices have risen even more than gasoline in the past week, by over $0.85 a gallon.
“We’ll see how long these prices stay elevated, how they feed their way through the supply chain and the value chain. But it’s clearly the case that it is a pretty adverse situation for both businesses and consumers.”
The oil market is going through one of the largest physical shocks in its modern history. Bloomberg’s Javier Blas estimates that of the 15 million barrels per day that regularly flow through the Strait of Hormuz, only about a third is getting through to the global market, whether through the strait itself or by alternative routes, such as the pipeline from Saudi Arabia’s eastern oil fields to the Red Sea.
Global daily oil production is just above 100 million barrels per day, meaning that around 10% of the oil supply on the market is stuck behind an effective blockade.
“The world is suddenly ‘short’ a volume that, in normal times, would dwarf almost any supply/demand imbalance we debate,” Morgan Stanley oil analyst Martjin Rats wrote in a note to clients on Sunday.
The fact that the U.S. is itself a leading producer and exporter of oil will only provide so much relief. Private sector economists have estimated that every $10 increase in the price of oil reduces economic growth somewhere between 0.1 and 0.2 percentage points.
“Petroleum product prices here in the U.S. tend to reflect global market conditions, so the price at the pump for gasoline and diesel reflect what’s going on with global prices,” Ben Cahill, a senior associate at the Center for Strategic and International Studies, told me. “What happens in the rest of the world still has a deep impact on U.S. energy prices.”
To the extent the U.S. economy benefits from its export capacity, the effects are likely localized to areas where oil production and export takes place, such as Texas and Louisiana. For the economy as a whole, higher oil prices will improve the “terms of trade,” essentially a measure of the value of imports a certain quantity of exports can “buy,” Ryan Cummings, chief of staff at Stanford Institute for Economic Policymaking, told me.
Could the U.S. oil industry ramp up production to capture those high prices and induce some relief?
Oil industry analysts, Heatmap founding executive editor Robinson Meyer, and the TV show Landman have all theorized that there is a “goldilocks” range of oil prices that are high enough to encourage exploration and production but not so high as to take out the economy as a whole. This range starts at around $60 or $70 on the low end and tops out at around $90 or $95. Above that, the economic damage from high prices would likely outweigh any benefit to drillers from expanded production.
And that’s if production were to expand at all.
“Capital discipline” has been the watchword of the U.S. oil and gas industry for years since the shale boom, meaning drillers are unlikely to chase price spikes by ramping up production heedlessly, CSIS’ Ben Cahill told me. “I think they’ll be quite cautious about doing that,” he said.
A test drive provided tantalizing evidence that a great, cheap EV is possible for the U.S.
Midway through the tortuous test drive over the mountains to Malibu, as the new Chevrolet Bolt EV ably zipped through a series of sharp canyon corners, I couldn’t help but think: Who would want to kill this car?
Such is life for the Bolt. Chevy revived the budget electric car after its fans howled when it killed the first version in 2023. But by the time the car press assembled last week for the official test drive of Bolt 2.0, the new car already had an expiration date: General Motors said it would end the production run next summer. This is a shame for a variety of reasons. Among the most important: The new Bolt, which starts just under $30,000 and is soon to start arriving at Chevy dealerships, shows that the cheap EV for the masses is really, almost there.
The 2027 Bolt comes with a 65 kilowatt-hour lithium iron phosphate battery that’s rated to deliver 262 miles of range. That’s not bad for an economy car, given that lots of more expensive EVs came with ranges in the low 200s just a couple of years ago.
Charging speed, the big bugaboo with the original Bolt, is fixed. The glacial 50-kilowatt speed has risen to 150 kilowatts, allowing the car to charge from 10% to 80% in about 25 minutes. That pales in comparison to the 350-kilowatt Hyundai touts for some of its EVs, but it makes the Bolt road trip an acceptable experience, not a slog. Crucially, the new Bolt comes with the NACS port and will seamlessly plug-and-charge at many charging stations, including Tesla’s.
Bolt comes with a single motor that delivers 210 horsepower and 169 pound-feet of torque — not eye-popping numbers. But because all of an electric car’s torque is available at any time, the Bolt feels livelier as it accelerates away from a start compared to an equivalent combustion-powered economy car. It huffs and puffs just a tad trying to accelerate uphill on California’s mountain highways, sure, but Bolt has enough oomph to have some fun without getting you into trouble. And in a world of white cars, Bolt comes in honest-to-goodness colors. Red. Blue. Yellow!
The tech features are the same story — that is, plenty good for the price. Many Bolt loyalists are incensed that Chevy killed off Apple Carplay and Android Auto integration in the new car, forcing drivers to rely on what’s built in. For those who can get over the disappointment, what is built into Bolt’s 11-inch touchscreen is pretty good, starting with Google Maps integration for navigation. Its method for displaying charging stations — and allowing the driver to filter them by plug style, provider, and other factors — isn’t quite up to the Silicon Valley seamlessness of a Rivian, but is easier to use than what a lot of legacy car companies put in their EVs. (The fabulous Kia EV9 three-row SUV I tested just before the Bolt is superior in just about every way except this.)
The Bolt even has a few features you wouldn’t expect at the entry level. The surround vision recorder for storing footage from the car’s camera is a first for a GM vehicle, Chevy says. The brand is also making a big to-do over the Super Cruise hands-free driving feature since the Bolt is now the least expensive car to get it, though adding all that tech takes the basic LT version of the Bolt up from $29,000 to more than $35,000, which is the starting price for the bigger Chevy Equinox EV.
With so much going right for this vehicle, why preemptively kill it? The most obvious factor is the Trump White House. Chevrolet had always called the Bolt’s return a limited run, but the fact that its production run might last for just a year and a half is a direct result of Trump tariffs: GM wants to make gas-powered Buick crossovers, currently made in China, at the Kansas factory that builds the Bolt.
And the loss last year of the federal incentive to buy an EV is particularly punitive for the Bolt. With $7,500 shaved off the price, the Chevy EV would have been cost-competitive with the cheapest new gas cars, like the Hyundai Elantra or Toyota Corolla. Without it, Bolt is closer in price to a larger vehicle like the Toyota RAV4. When Chevy can’t make the case that its EV is as cheap as any other small car you might be looking at, it must sell a car like Bolt on its down-the-road value: very little routine maintenance, no buying gasoline during a period of wartime oil shocks, and so on. That’s a tougher task, and perhaps explains why GM was so quick to move on.
Still, there’s clearly something bigger at stake here for GM. The American car companies’ pivot back to the short-term profitability of petroleum, exemplified by the Bolt-Buick affair, comes as the rest of the world continues to embrace EVs. Headlines lately have wondered whether China’s ascent combined with America’s yoyo-ing on electric power could lead to Detroit’s outright demise, leaving the U.S. auto industry with scraps as someone else’s superior EVs take over the world.
In this light, Chevy’s own market data on Bolt is especially jarring. Of the nearly 200,000 Bolts on the road from the car’s previous generation, 75% percent of those drivers came from other car companies to GM, and 72% remained loyal to GM. In other words, the new Bolt is set to build on General Motors’ status as the top EV-seller in America behind Tesla by expanding the established base of customers who love Chevy electric cars. That is what’s being tossed aside to increase quarterly profits.
Maybe the Bolt will surprise its maker, again. Even if a groundswell of enthusiasm for the new car isn’t enough to save it from extinction, perhaps it will prove to GM to give the budget EV yet another go-around when the market shifts yet again.
Current conditions: Spring-like temperatures have arrived in New York City, with a high of 62 degrees Fahrenheit today • The death toll from the flooding in Nairobi, Kenya, has risen to at least 42 • Heavy rain in Peru threatens landslides amid what’s already been a deadly wet season.
It only took a week. But, as I told you might happen sooner than later, oil prices surged past $100 per barrel for the first time since 2022 as the war against Iran continues. The latest hit to the global market came when Kuwait and the United Arab Emirates started cutting production over the weekend at key oil fields as shipments through the Strait of Hormuz ground to a halt. In a post on his Truth Social network, President Donald Trump said prices “will drop rapidly when the destruction of the Iran nuclear threat is over,” calling the rise “a very small price to pay for U.S.A.” In response, oil analyst Rory Johnston said Trump’s statement would only spur on the market craziness. “No one who has any idea how the oil market works is buying it — all this does is make it seem like Trump believes it, which means the base case length of this disruption is growing ever-longer,” he wrote. “Tick. Tock.”
The war’s effect on energy markets isn’t just an oil story. As Heatmap’s Matthew Zeitlin wrote, it’s also a natural gas story. Similarly, as Matthew wrote last week, the winners of the market chaos run the gamut from coal to solar panels.

The numbers are in. Last year, the United States generated 4,430 terawatt-hours of electricity. That’s up 2.8% from 2024, which previously had been the highest annual total in the Energy Information Administration’s record books, which date back to 1949. Residential electricity sales grew 2.2%, while commercial surged by 2.9% and industrial rose by just 0.7%.
France produced a record 521.1 terawatt-hours of low-carbon electricity in 2025 as upgrades to existing nuclear reactors allowed the fleet to produce more power, according to data from the grid operator RTE. The latest report is not yet public on RTE’s website, but NucNet reviewed the findings. The electricity mix has largely remained steady for the last two years. France first achieved a 95% low-carbon grid back in 2024, RTE data shows.
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Qcells has resumed solar panel assembly at its plant in Cartersville, Georgia, following a series of delays. By the end of this year, the South Korean-owned company said it plans to add the capacity to pump out 3.3 gigawatts of ingots, wafers, and cells per year. “We are proud to be back to work manufacturing the American-made energy the country needs right now,” Marta Stoepker, head of communications at Qcells, said in a statement. “Like any company, hurdles have and will occur, which requires us to adapt and be nimble, but our overall goal remains the same — to build a complete American solar supply chain.” The moves comes as MAGA warms to solar power as part of a broader “renewables thaw” that Heatmap’s Jael Holzman reported is part of a legal strategy.
Roughly two hours away, SK Battery America laid off nearly 1,000 workers at its factory northeast of Atlanta as automakers cool on electric vehicles. Friday marked the last working day for 958 employees, according to a federal filing the Associated Press reviewed.
A wave energy startup hoping to harness one of the trickier sources of renewable power just broke a record with its latest pilot project. Last month, Eco Wave Power deployed its EWP-EDF One technology Jaffa Port in Israel. The pilot test lasted nine days last month under moderate conditions with daily average wave heights between one and two meters. Throughout the test, the project generated about 2,000 kilowatthours of electricity. “Not only did we continue stable production during moderate wave conditions, but we also experienced the highest waves recorded at our site to date,” Inna Braverman, Eco Wave Power’s chief executive, said in a statement to the trade publication Offshore Energy. “Achieving record average and peak power production during 3-meter wave events provides meaningful validation of our technology’s performance potential as we scale toward commercial projects.”
Scientists discovered a molecular trick used by a unique group of plants to convert sunlight into food. Hornworts are the only known land plant that possesses internal compartments that concentrate carbon dioxide similarly to algae. A new study by researchers at the Boyce Thompson Institute, Cornell University, and the University of Edinburgh suggests that genes from the plants could be used to breed more resistant crops such as wheat. “This research shows that nature has already tested solutions we can learn from,” said Fay-Wei Li, a co-author of the study, said in a statement. “Our job is to understand those solutions well enough to apply them where they're needed most — in the crops that feed the world.”
Editor’s note: This story has been updated to correct the added manufacturing capacity at Qcells’ Cartersville plant.