Oil prices have fallen to their lowest levels in 11 years, and those of gas and coal are falling too, Many analysts think prices will remain low for several years - which could hinder efforts to reduce greenhouse gas emissions. This is not all bad for the climate. Hard-to-extract fossil fuels, such as those from tar sands, are not profitable when prices are low. Companies are shelving plans to seek and develop new oil and gas fields, especially in the Arctic, and some operations are being shut down. The trouble is that when prices rise again, these resources could be tapped, And even if all exploration stopped, there are already more than enough known reserves of fossil fuels to cause catastrophic global warming if we burn them all, We are on track to burn enough by some time in the 2030s to take us to 2℃ above pre-industrial temperatures - even if countries stick to the commitments they made as part of the Paris climate agreement in December.
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