Another three letter acronym with an agenda..
https://www.zerohedge.com/commodities/iea-boss-says-beginning-end-fossil-fuel-era-it
Beginning of the end of fossil fuel says IEA
Re: Beginning of the end of fossil fuel says IEA
And Nuttall's response
https://twitter.com/ericnuttall/status/1701598122127016146
https://twitter.com/ericnuttall/status/1701598122127016146
Re: Beginning of the end of fossil fuel says IEA
FACT: Even as solar, wind and other renewable energy sources increase their share of the total consumption—oil and gas demand continues to increase, with historical demand blips seen courtesy of high prices, not green energy policies.
According to the recent report from Energy Outlook Advisors, 82% of the energy consumed in 2022 came from fossil fuels, despite the trillions thrown at renewable energy since 2010. For China specifically, the report estimates that it would take China 211 years at the current rate of renewable spending to achieve carbon neutrality. India will take even longer, at more than 400 years.
--------------------
MY TAKE: Eventually the price of oil will get so high that demand will come down. The "Cheap Oil" has been harvested. Demand for natural gas is increasing at ~3X the rate of the increased demand for oil. One of the reasons that the long-term outlook for natural gas is so bullish is that it can be used as a transportation fuel. Eventually, high diesel prices will push more trucking companies to transition to CNG.
According to the recent report from Energy Outlook Advisors, 82% of the energy consumed in 2022 came from fossil fuels, despite the trillions thrown at renewable energy since 2010. For China specifically, the report estimates that it would take China 211 years at the current rate of renewable spending to achieve carbon neutrality. India will take even longer, at more than 400 years.
--------------------
MY TAKE: Eventually the price of oil will get so high that demand will come down. The "Cheap Oil" has been harvested. Demand for natural gas is increasing at ~3X the rate of the increased demand for oil. One of the reasons that the long-term outlook for natural gas is so bullish is that it can be used as a transportation fuel. Eventually, high diesel prices will push more trucking companies to transition to CNG.
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group
Re: Beginning of the end of fossil fuel says IEA
Quite the high ivory tower this guy would have to be on to call the end of fossil fuels. So much of the world's population is living with zero or limited access to electricity and they don't even have the luxury to begin the conversation about fossil fuel alternatives.