FT News Briefing
Can US oil afford to ‘drill, baby, drill’?
Jan 27, 2025
Pressure is mounting on the EU to relax its sustainability goals amidst rising oil prices. Wall Street is pushing back against calls for a new oil boom, creating tension in the industry. Meanwhile, the U.S. faces diplomatic challenges as tariffs are imposed on Colombia. In a parallel discussion, OpenAI wrestles with its complicated path towards profitability while ensuring its mission remains aligned with public benefit, highlighted by valuation dilemmas and potential structural changes.
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Quick takeaways
- The increasing pressure on the European Union to relax sustainability regulations reflects a growing concern from businesses about competitiveness amidst U.S. deregulation efforts.
- OpenAI's transition from a non-profit to a for-profit model raises critical questions about maintaining transparency and its original mission to benefit humanity.
Deep dives
EU Regulations Under Pressure
The European Union is experiencing increasing calls to roll back its sustainability regulations amid concerns from companies and national governments about competitiveness. Major players in the oil and gas sector, such as ExxonMobil, and countries like France and Germany are advocating for this shift, arguing that current regulations are vague and hamper business operations. As the U.S. embarks on a deregulation push under President Trump, the pressure on the EU to ease its restrictions intensifies, creating a complex scenario for environmental policies. Critics contend that this could undermine efforts to combat climate change, posing significant challenges for European leadership in sustainability.
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