The Revenge of The Fossil Fuels

Originally published at Forbes

Tilak Doshi Contributor
I analyze energy economics and related public policy issues.

ExxonMobilXOM -1.8% Corp. shares rallied to a new all-time high this week, exceeding the previous closing record from 2014. The company’s shares gained 71% since January 1st in a stellar year for conventional energy stocks. Last month, Saudi Aramco overtook AppleAAPL -3.9% as the world’s most valuable publicly traded company. These stock results reflect the sharp increase in crude oil prices. International bellwether Brent crude exceeded $120 per barrel recently. On Monday, Goldman Sachs published a report that revised its oil price outlook higher (again), raising its peak summer price forecast for Brent crude from $125/barrel to $140/barrel. But it is not only crude oil prices that are likely to remain stronger for longer. Energy prices across the board — from thermal coal and natural gas to diesel and gasoline — have surged over the past year and have only been accentuated by the financial sanctions on Russia after its invasion of Ukraine.

Countries around the world are struggling with energy shortages and price spikes as energy security and affordability are propelled to the policy centre-stage after Russian tanks rolled into Ukraine. Yet it would be myopic to view surging energy prices merely as a result of the Russian invasion. The recent price spikes in fuels are a cumulative result of government policies in the West that have focused obsessively with the speculative, model-based forecasts of the climate impacts of carbon emissions. The climate industrial complex has vilified fossil fuels over the past few decades in the name of a presumed impending climate apocalypse. It starved the oil, gas and coal sectors of capital investments and diverted trillions of dollars of public funds to subsidize wind, solar and electric vehicle industries.

What Stranded Resources?

Mark Carney, the “rock star” ex-central banker, is a member of the Foundation Board of the World Economic Forum and became the UN Special Envoy on Climate Action and Finance in 2019. He was appointed finance advisor for the UK presidency of the COP26 United Nations Climate Change conference in Glasgow held in November. Mr. Carney spent the last few years persuading the world’s financial institutions that fossil fuels – accounting for over 80 per cent of global primary energy supply – are “stranded assets” on a one-way trajectory to zero value as the world races to “net zero (carbon emissions) by 2050”.

Mr. Carney isn’t the only illustrious professional on the “fossil-fuels-are-stranded-resources” bandwagon. A short list would include U.S. Treasury Secretary Janet Yellen, BlackRockBLK -6.4% chief executive Larry Fink and Fatih Birol, the Executive Director of the International Energy Agency. They assert an “existential threat” of climate change caused by the combustion of fossil fuels. These leaders in finance and public policy circles are joined in the popular media by climate Cassandras such as Al Gore, Bill McKibben and Prince Charles who have used their bully pulpits to encourage divestment from fossil fuel companies.

One year ago, ExxonMobil gained much media attention as it was forced to concede three board seats to climate activist investor Engine No. 1 in the industry’s biggest and most closely watched corporate contest. Critics of the company’s business strategy railed against the company’s “lack of attention” to alarmist climate concerns. The company had fallen out of favour of the “Woke Inc.” Wall Street hedge funds and was ditched from the Dow Jones index in 2020. And now, the company is the darling of Wall Street as it spews cash for shareholders. According to analyst Stephen Richardson cited by a Bloomberg piece on ExxonMobil’s remarkable turnaround in its stock price, “every conceivable headwind has become a tailwind” given the “structural deficit” in crude oil markets.

The Green Pain is “Worth It”

But the revenge of the fossil fuels is hardly restricted to ExxonMobil’s resurgent stock value. It is no small irony that a vast swath of the U.S. — from the Great Lakes to the West Coast, covering some two-thirds of the world’s richest country — is at risk of blackouts this summer according to the North American Electric Reliability Corporation (NERC).

As expected, progressive commentators and NERC itself blame this on predicted extreme heat and drought. Yet the US has had extreme weather before. After decades of shutting down reliable (i.e. dispatchable power 24/7) coal and nuclear generating plants and replacing them with erratic, weather-dependent solar and wind power, the US national grid is now destabilized and vulnerable to surges in demand and supply. Last year’s near-catastrophic blackouts in Texas after a sudden cold snap is illustrative. As one editorial of a major national newspaper put it after NERC’s warning: “Summer is around the corner, and we suggest you prepare by buying an emergency generator, if you can find one in stock… Welcome to the ‘green energy transition’.”

Europe and the UK, global leaders in the “energy transition” efforts, also face potential blackouts as aggressive retirements of nuclear, coal and gas-fuelled plants have been replaced by unreliable renewables over the past two decades. A shortage of gas this winter could leave six million homes in the UK without power, the UK government recently warned. True to “the revenge of fossil fuels” theme, the government has asked coal power stations it had previously ordered to close down to remain open.

As if putting salt into an open wound, the IEA’s executive director Fatih Birol warned that Europe could be forced to start rationing energy this winter especially if the winter is cold and China’s economy rebounds. This is the same person who announced the astonishing Net Zero “roadmap” — published by the IEA with much fanfare in May 2021 — which called for the global cessation of all new investments in fossil fuels.

While Europe’s sanctions on Russian energy exports have accentuated the energy crisis in the continent, the EU’s rapid and forced transition away from fossil fuels towards reliance on renewables constitutes the essential backdrop to the dire state of affairs in energy security and affordability.

Perhaps most astonishing in the self-inflicted energy crises in the West are the surreal statements made by members of sanctimonious policy and business elites. Speaking about small and medium businesses in the recent Davos summit, Norwegian bank DNB ASA CEO Kjerstin Braathen said the energy transition will create energy shortages and inflationary pressures, but this “pain” is “worth it.” This is comparable — in its sheer cluelessness as to what really matters to ordinary people — to U.S. climate envoy John Kerry expressing his regret that the war between Ukraine and Russia is “distracting people from climate change”.

The World Needs Fossil Fuels

In the incessant and often fawning mainstream media coverage of renewable energy technologies, in particular wind and solar power, the big picture in global energy affairs is left out. An estimated 3.5 billion people – the poor of the developing world, primarily in sub-Saharan Africa and South Asia — lack access to reasonably reliable and adequate electricity supply. In the five-year period to 2019 (prior to the onset of the pandemic), developing countries accounted for almost 90 per cent of global demand growth for primary energy; the Asian developing countries claimed nearly three-quarters. As the developing world, especially the rapidly-growing populous economies of Asia, emerge out of the pandemic lockdowns, access to affordable fossil fuels will be critical to their development prospects over the next several decades.

From this point of view, it is encouraging that “Giant global asset managers are still dumping tens of billions of dollars into new coal projects and hundreds of billions of dollars into major oil and gas companies,” according to a recent report from Reclaim Finance. This organization tracks financial sector investments in fossil fuels. In a statement released with the report, an obviously disappointed Lara Cuvelier of Reclaim Finance asks “Is the asset management industry changing its investment practices in line with climate science, reducing investments in coal, oil, or gas expansion? Unfortunately, the answer is an emphatic ‘no’”. For Ms. Cuvelier, evidently, “climate science” is settled. Meanwhile, green stocks became flops in 2021, lagging even airlines.

Vaclav Smil points out in his recent magisterial book – “How the World Really Works” — coal, oil and gas have powered urbanization, industrialization and agricultural productivity; going up the conventional energy ladder has led to improvements in the standards of living for the vast majority of the global population including the now developed countries. As the rational optimist Matt Ridley stated some years ago, “fossil fuels will save the world, really.”

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Tilak Doshi

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June 11, 2022 6:13 am

Yellen, et al., say you’ll be able to use all the hydrocarbon fuels you want so long as it’s in the metaverse.

Reply to  Scissor
June 11, 2022 7:10 am

I guess r@pe is a big problem in the metaverse. No safe places anywhere

Reply to  Derg
June 11, 2022 8:03 am

Would be interesting if a criminal complaint were filed.

Reply to  Derg
June 11, 2022 9:34 am

Well, they wanted it to be realistic…

Rich Davis
Reply to  Scissor
June 11, 2022 2:20 pm

À la OhbummerKare, “If you like your fossil fuels, you can keep your fossil fuels”, I suppose?

Tom Halla
June 11, 2022 6:14 am

Even after February 2021, Texas has still not dealt with overinvestment in wind. The subsidy miners went full gaslighting mode, and blamed the only sources that did work in the freeze.

Ron Long
June 11, 2022 6:23 am

The irony is that the famous “Net Zero” virtue-signalers won’t be the ones to starve in the cold and dark, they fly around the world in private jets as they wish. So, it’s the worlds underdeveloped masses that need to wake up and take care of themselves and their families. Good luck with that.

Reply to  Ron Long
June 11, 2022 11:04 am

Ron, the developing world doesn’t give a shit what the Davos crowd thinks. Due to its insane fecklessness the Western World is now in decline compared to the rest of the world. Making money by manipulating money, as is the Western way, is no substitute to building industrial capacity. Hard assets are the only thing that matters when economies are in turmoil.

Remember Joe Stalin’s question: “The Pope! How many divisions has he got?” That worked until central planning (socialism) destroyed the Soviet Empire. Now the West is relying on centralized government planning to direct economic development. Intelligent people will not trust governments and will invest in gold and other hard assets.

Peter W
Reply to  Dave Fair
June 11, 2022 11:13 am

A few of us never dis-invested in oil and gas, and our investments are holding up pretty well.

michael hart
Reply to  Peter W
June 11, 2022 4:28 pm

Back in the 80’s, even the BBC was calling oil “black gold”. They appeared to understand our civilisation is built on fossil fuels. Today, more than ever, it is clear what subjects they didn’t study at University.

Ron Long
Reply to  Dave Fair
June 11, 2022 1:23 pm

Here’s the problem, Dave, the leaders of developing countries don’t care what’s best for the masses, they have a pronounced tendency to be corrupt, and they close up to any group willing to create a flood of money into the area where they can grab hold of some of it. Notice this is not direct bribery, only a river of money where they can dip into.

Gary Pearse
Reply to  Dave Fair
June 11, 2022 2:58 pm

At least world leaders in the old days had a few brains. Today’s lot are the most untalented nobodies the world has ever seen. Joe Biden running the world’s leading country is a perfect script written by Peter Sellers.

Reply to  Gary Pearse
June 11, 2022 7:50 pm

Biden isn’t running anything.
It’s the narcissist in chief, Obama, and his minions, in official and unofficial fed gov capacities.

June 11, 2022 7:05 am

When reality enters the equation virtue signaling goes out the window. Our longer lives with more leisure time is a testament to what fossil fuels have brought us. Telling people they must give that up for an unproven theory only works until they realize the true cost and it impacts them negatively.

Reply to  markl
June 11, 2022 9:11 am

Not quite. They will virtue signal away and condemn the rest of us to life in the new Utopia, unless we vote for someone different. That’s hard to do if all the main parties (UK) have an agreed line on climate change, which is that it is an emergency and trumps all other considerations.

Reply to  Jit
June 11, 2022 7:18 pm

In countries such as the UK the populace already seems to be leaning away from wind and solar- at least among the less wealthy citizens. They can’t live with intermittent wind and solar and are pushing for a”real” energy industry like the one that greatly helped winning World War II.

Ed Zuiderwijk
June 11, 2022 7:21 am

I object to the characterisation as ‘Cassandras’ of the non-entities involved.

The tragedy of Cassandra was she was right but that nobody believed her. In this case the clowns are wrong but everybody believes them.

A characterisation as ‘Jeremiahs’ would be more appropriate.

Frank from NoVA
Reply to  Ed Zuiderwijk
June 11, 2022 7:30 am


Tilak K Doshi
Reply to  Ed Zuiderwijk
June 11, 2022 7:43 am

You are absolutely right — after publishing the article, i realized I used the term without thinking it through, because Cassandra was in fact right at the end. I will replace that word with Jeremiah as you suggest, as Jeremiah is known as the prophet who foresees a calamitous future but there is no suggestion that he is right. Thank you for your correction Ed!

Reply to  Tilak K Doshi
June 11, 2022 8:44 am

The prophet Jeremiah is a poor choice as a substitute, because he too was right about the imminent destruction of Israel, while the culture around him was wrong and entirely off-track in their rebellion. Jeremiah is caricatured by many as a wrong-headed loser, but that is the thinking of a Biblically illiterate secular world.

Gunga Din
Reply to  Pflashgordon
June 11, 2022 10:48 am

He warned them what would happen if they didn’t turn away from idolatry and return to God. Babylon would conquer them.
They didn’t.
(They looked on the Temple and the Ark more along the lines of how it’s portrayed in Raiders of the Lost Ark, a magic box rather than representing the presence of the God they’d turned away from.)
So, by their freedom of will decision, they were conquered.
Then he warned them not to rebel.
(Assyria conquered the nation of Israel, idolatry again. Their standard method was to split up the defeated and repopulate the region with other defeated populations. Destroy the national identity. In the gospels that area is called Samaria.)
Babylon was happy to leave the people in place as long they accepted Babylon as their rulers and paid tribute. But the nation of Juda did choose to rebel. They went into captivity.
But God told Jeremiah to tell them that when they returned to Him, He would return them back to the land. Hope.
It all happened as God told Jeremiah at the time depending on the people’s freedom of will.
If they’d believed and obeyed what God told Jeremiah to tell them the first time, the Book of Jeremiah would have been a lot shorter.

Ben Vorlich
Reply to  Pflashgordon
June 11, 2022 1:39 pm

Piped Pipers, leading gullible children off to disappear forever

Tilak K Doshi
Reply to  Pflashgordon
June 11, 2022 7:13 pm

In normal idiom, I think “Jeremiah” passes the test although perhaps not in the biblically literate sense.

Gunga Din
Reply to  Tilak K Doshi
June 11, 2022 8:46 pm

Jeremiah was right in the beginning, the middle and the end.
I’ve never heard of that idiom.
Perhaps Loki or Chicken Little or The Boy who Cried Wolf?
(or Brandon? 😎

Gunga Din
Reply to  Gunga Din
June 11, 2022 8:54 pm

I should add that “idiom” may have been started by the King who burned the scroll. (Or someone like him.) 😎

Reply to  Tilak K Doshi
June 11, 2022 10:37 am
John Garrett
Reply to  Ed Zuiderwijk
June 11, 2022 8:52 am

Ed Zuiderwijk-
Good catch. You are absolutely correct about the misuse of “Cassandra” as a descriptor of the climate crackpots.

Reply to  Ed Zuiderwijk
June 11, 2022 9:02 am

Great one, Ed!

June 11, 2022 7:55 am

In the real world we need reliable cheap energy. That’s it, no silly scare stories or narratives etc.

‘Carbon bomb’ makers are putting all our lives at risk

…the dangers of fossil fuel “carbon bombs” (Revealed: the ‘carbon bombs’ set to trigger catastrophic climate breakdown, 11 May) gives us much to worry about.

At least they’ve given up with

Global warming of oceans equivalent to an atomic bomb per second

They do like an explosive analogy.

Reply to  fretslider
June 11, 2022 8:10 am

Reading the Guardian is like having a new case of diarrhea every time.

Reply to  Scissor
June 11, 2022 8:14 am

Imagine what writing for it must be like….

Reply to  fretslider
June 11, 2022 11:06 am


Reply to  Dave Fair
June 11, 2022 1:19 pm

No, it’s a loser

Rich Davis
Reply to  Dave Fair
June 11, 2022 3:09 pm

(False-) Prophetable

Reply to  fretslider
June 11, 2022 11:46 am

Perhaps they should change their diets.

Reply to  fretslider
June 11, 2022 5:29 pm

It depends. For whom?

But if by some misfortune you are actually capable of thinking for yourself and, worse, enjoy it, you cannot have Felix’s job or any job like it. Not only is Felix not paid to think, he is not allowed to think. Thinking is above his pay grade, as they say in the military. A private who thinks he’s Napoleon is not only not Napoleon, but not a very good private.

Rather, Felix’s job (as with all legitimate journalists or columnists—though the former are not even allowed to pretend to think, which must really sting) is to communicate the thoughts of his sources, rewording them as if they were his own thoughts. His sources are legitimate thinkers—professors, policymakers, and priests. Just kidding.

― Felix Salmon’s Bitcoin FUD by Mencius Moldbug.

Reply to  Scissor
June 11, 2022 5:24 pm

Oh no. What are you doing?! 😱

“…And whatever you do, don’t read the Soviet newspapers before dinner.”

“Hm… but there aren’t any other papers.”

“That’s what I mean, don’t read newspapers. You know that I set up thirty experiments in the clinic. And what do you think? The patients who read no newspapers felt fine. The ones whom I especially ordered to read Pravda lost weight.”

“Hm…” the bitten man responded with interest, his face flushed from the hot soup and wine.

“And not only that. Weaker reflexes, poor appetite, depression.”

― The Heart of a Dog by Mikhail Bulgakov

June 11, 2022 8:27 am

Watch him deflect reality with the assumption the American people have not been watching his full court press to kill the oil industry.

Old Man Winter
Reply to  ResourceGuy
June 11, 2022 10:31 am

More people are blaming FJB for high gas prices & he’s polling very poorly in two of his core
support groups- young people & Hispanics. This is why he’s also having to get total censorship so
he can suppress the truth & blame Trump, GOP, Putin,… for the mess. Also, he can then do the old
“tax big oil schtick” which is one way to indirectly tax the Hoi Polloi as costs get passed on to us

Old Man Winter June 10, 2022 9:45 pm-

Old Man Winter
Reply to  Old Man Winter
June 11, 2022 10:49 am

Slimy Soros is trying to help Bite Me by buying a bunch of Hispanic radio
stations which isn’t sitting well with EEs. DeSantis isn’t taking it lying down
either. Stay tuned for more fireworks!

Reply to  Old Man Winter
June 11, 2022 11:48 am

Once Ukraine drives out Russia, they’ll build back better and live happily ever after off of wind and solar.

Reply to  Scissor
June 11, 2022 6:57 pm

Even an ostrich has to take its head out of the sand to eat.
We added a modest bunch of solar cells, 5.6kW shortly after the house was built. It immediately started producing dividends in cash. After 10 years it has settled down tp a steady $100 a month.

If Ukraine does kick the Russians out they will be able to return to selling oil profitably. They have very good schools and smart people. They are quite unlikely to go with wind and solar, given the major difficulties that make them very expensive and generate very low ROI’s.

Reply to  Old Man Winter
June 11, 2022 7:02 pm

What a choice? Geriatric Joe or Dodgy Donald. Does the US not have anyone else?

Reply to  Simon
June 11, 2022 11:49 pm

Trump is teflon.

None of the Democrat’s sliming has ever stuck because its all provably FAKE

Get over it.

Reply to  b.nice
June 11, 2022 11:56 pm

Yeah right. His own daughter has just told the world there was no election fraud and he LOST. Trump the big man is still yet to do the honourable thing and concede. What a guy.
Talk about slime….

Old Man Winter
Reply to  Simon
June 12, 2022 12:59 pm

It’s one thing to realize you’ve been fooled by those who will eventually
destroy you, it’s quite another to realize you helped them do it!

Reply to  Old Man Winter
June 12, 2022 1:26 pm

Sadly Trump has become the swamp and his cult followers can’t see it.

June 11, 2022 8:42 am

I estimate that half of the inflation we are seeing is the result of the war on fossil fuels. We need to call this ‘greenflation’ to remind people of a primary source of inflation.

Reply to  Jtom
June 11, 2022 9:08 am

The term exists. It is misused in the Atlantic, as “the cost of products going up because of climate change.”

I prefer “the cost of products going up because of climate change policies.”

Reply to  Jit
June 11, 2022 10:26 am

Interesting. They should have coined the word carbonflation or carbinflation for that, but those at The Atlantic have very little intellect or originality.

John Garrett
June 11, 2022 8:51 am

Let’s not forget to add the sanctimonious, massive funder of NPR, WBUR (Boston) and hypocritical climate crusader, Jeremy Grantham, of the investment management firm GMO (f/k/a “Grantham, Mayo, van Otterloo”) to the list that includes BlackRock’s Larry Fink and Michael R. Bloomberg.

The Grantham Foundation has made massive grants to fund a wide variety of alarmist actors such as the Sierra Club, Environmental Defense Fund and Greenpeace.

crier havot
June 11, 2022 9:10 am

Well this alter Thomas Gold ‘s book ‘ The Deep Hot Biosphere ‘ if it is fact ?

crier havot
June 11, 2022 9:14 am

Previous comment : change first word to ‘ will ‘ .

June 11, 2022 10:32 am

coal, oil and gas have powered urbanization, industrialization and agricultural productivity; going up the conventional energy ladder has led to improvements in the standards of living for the vast majority of the global population including the now developed countries.

As I often say, those who want to lower your standard of living are not your friends.

Andy Pattullo
June 11, 2022 10:57 am

Reality – the cure to every ill conceived fantasy. It will be great if we can change course to rational energy/climate/environment policies before the amazing society we’ve built crumbles.

June 11, 2022 11:19 am

Oil is not a finite resource and the environazis know it.

Reply to  grayjohn
June 11, 2022 12:11 pm

It may not be finite but there is still plenty of it, and in the end you can turn coal into oil and there are hundreds of years worth left of that.

Frank from NoVA
Reply to  grayjohn
June 11, 2022 12:11 pm

Oil and other fossil fuel resources are finite, but fortunately abundant enough for many, many decades to come. Unfortunately, what’s not finite is the stupidity / malice of the left.

Tilak K Doshi
Reply to  grayjohn
June 11, 2022 7:24 pm

Oil and other “non-renewable” resources are finite as the neo-Malthusians keep repeating. However, as the late Julian Simon reminded us, the only true resource that matters is the human mind.

June 11, 2022 11:59 am

They are incredibly smart and evil to destroy the West or really dumb. Perhaps evil and dumb. Sorry, forgot, greedy.

Danley Wolfe
June 11, 2022 12:34 pm

Vaclav Smil book highly recommended for right thinking people. No surprises … if you look at EIA forcasts you see a similar picture. US supply and demand for petroleum, natural gas and condensate based fuels continue to rise over the next 50 years. The big drop in coal consumption has basically mostly already occurred. Meanwhle renewables especially solar are neither scalable or economic to become major energy sources. Easy to understand but not for the greens and financial institutions who see renewable energy as the way forward. So far none of the greens are able to accept facts of life.

Reply to  Danley Wolfe
June 11, 2022 5:39 pm

Yes. I just finished the Kindle edition of Smil’s book. Though he thinks climate change is a problem, he is VERY rational about the climate policy prescriptions that are being promoted.
The book is rife with statistics. And some great one-liners:
IIRC: “…pull an equal amount [of CO2] out of the atmosphere (by a yet non-existent technology!)” [regarding NetZero] and [paraphrasing] “You know you are being had if the dates for all the goals end in Five or Zero…” and “.. the pace of the new transition [decarbonization] has been slower than the pace of displacing traditional biomass [wood] by fossil fuels.”
And I liked his discussion on the “4 Pillars of Civilization” [cement, steel, ammonia & plastics]
in which he repeatedly emphasized the massive amount of real energy [not wind or solar] that is necessary to produce them. Plus the thousands of products made from FF feedstocks.
It should be required reading for every public official in capitols around the world.

Peter Fraser
June 11, 2022 1:36 pm

It is time the great unwashed woke up. You touch on the problem mentioning Mark Carney “a foundation member of the the World Economic Forum.” WEF aim for one world government with a universal digital currency controlled by unelected global oligarchs and a world population reduced to one billion. The President Klaus Schwab makes no secret about their intentions: “You will own nothing and you will be happy”

Climate change is one tool used to disrupt western economies to the point where unrest brought about by poverty provides an excuse for a takeover country by country. Sri Lanka is an example ripe for takeover now. Once the digital currency is installed, e.g. China, control is absolute and final.

This has been in the planning for thirty years. MSM is controlled. Key people are installed worldwide. Canada, Australia and New Zealand are likely early candidates.

Anyone with half a brain knows the the global warming science is false, the myth is just a useful tool. “Scientists” who push this climate change agenda are not misunderstanding the science they are the enemy.

Ben Vorlich
June 11, 2022 1:45 pm

This is all very well

Centrica files application to reopen ‘Britain’s biggest’ gas storage siteBritish Gas owner Centrca has submitted an application to the North Sea energy regulator to reopen Rough, what is considered the UK’s largest gas storage facility.

It is estimated that Rough can store enough natural gas to meet the UK’s needs for ten days.

But will there be time to fill it, and is 10 days just pissing in the wind

Gary Pearse
June 11, 2022 2:18 pm

“…in its sheer cluelessness as to what really matters to ordinary people — to U.S. climate envoy John Kerry expressing his regret that the war between Ukraine and Russia is “distracting people from climate change”

Kerry has totally, unwittingly blurted out what marks the final demise of the woke madness. Oh the climate change deception is dead for sure, debunked by nature herself over a decade ago and ignored by 5 billion in the developing world. But those paying attention know that climate alarmism was a feint/smoke screen for the for a global governance putsch by self anointed “Elites” (a surprisingly dumb bunch who aspired to lead us.)

Who would have thought that the war in Ukraine would stop the Dark Side in its tracks.

Bill Parsons
June 11, 2022 2:57 pm

“Last month, Saudi Aramco overtook AppleAAPL -3.9% as the world’s most valuable publicly traded company.” 

Go Saudis! Hey, wait a minute…

michael hart
June 11, 2022 4:22 pm

“…climate Cassandras such as Al Gore, Bill McKibben and Prince Charles ”

Now there’s an unholy trinity if ever there was one.

John Garrett
Reply to  michael hart
June 11, 2022 4:27 pm

…and with a combined IQ well short of triple digits.

Don Perry
Reply to  michael hart
June 11, 2022 10:04 pm

Moe, Larry and Shemp

Reply to  michael hart
June 12, 2022 12:15 am

The scary thing is that Prince Charles may actually be the smartest of the three.

James F. Evans
June 11, 2022 6:31 pm

Hydrocarbons are the foundation of Man’s energy system.

Wind, solar are no substitute.

Coal is a good competitor as opposed to oil & gas. and helps keep prices reasonable.

But even coal is not a substitute, rather, it is complimentary.

The quest to limit oil & gas and achieve so-called “net zero” will lead to economic collaspe.

June 11, 2022 7:11 pm

As Mr. Yoshi points out, most of the major companies world wide are reaping profits from “energy” production- oil, gas, coal. Why? because they are indispensible to a healthy economy. Modern living, including the aspirations of the less developed countries, can’t be addressed by wind and solar cells. They are too erratic for serious, highly profitable economies.

Gary Pate
June 12, 2022 12:40 am

The Rational Optimist by Matt Ridley is a must read.

Tom Kennedy
June 12, 2022 5:33 am

Tilak Doshi is a sane voice in the insane world of energy and fossil fuels.

I worked for several years in the 1980s in the Oil Supply Planning and Scheduling Unit (OSPAS) of ARAMCO when it was still partially owned by US Oil Companies. We installed a large Supervisory Control and Data Acquisition system for the Oil and Gas infrastructure.
When oil prices zoomed up ARAMCO would ramp up from 8-10 million barrels a day to sometimes as much as 13 million barrels a day. (OSPAS produced a daily report)
The Saudi’s didn’t want an unstable world. They had all the money and power they needed.

When I would return to the US and watch the MSM report that the oil price and supply was being manipulated by things such as -“hiding oil tankers offshore to wait for higher prices”.
I knew the MSM was lying. ARAMCO was doing everything they could to produce enough oil and gas. The limits were infrastructure based – amount of storage in tanks, number of oil tankers available etc.

When I would read about “peak oil availability” – I knew it was written by journalists or often by economists who had only an academic understanding of the oil and gas business. When oil wells would get to a certain level of contamination due to vertical fracking they were shut down and no longer counted as part of “oil reserves”. They were not worth the effort at $20-30 dollars a barrel. At 50-120 dollars a barrel they are “black gold.

June 12, 2022 11:30 am

The Dems are simply exercising unilateral energy disarmament while America’s enemies are building up their petroleum, coal and nuclear energy supplies. Biden is destroying America.

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