Fossil Fuels Won't Go Away - Climate Crisis 247

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Several fossil fuels CEOs recently made comments that contradicted much of what has been said about their industries for over a decade. There are no alternatives to the world’s need for both coal, and particularly oil. We will keep pumping, and no one can stop us. Economically it would be a disaster to do so.

Oil News –Trouble In Venezuela

The “pump as much as you can” philosophy also holds true for nations. In December, the US produced more oil than any nation in any single month in history. And, America may break its own record this year. Oil consumption continues to rise globally. Nations like China, the largest importer, have recovering economies. Demand will inch up again.

Market experts at JP Morgan believe that it is mistaken to think that the use of fossil fuels can be reduced at any time soon. According to the FT, “In a global energy strategy report sent to clients this week, the US investment bank said efforts to reduce the use of coal, oil and gas had been set back by higher interest rates, inflation and wars in Ukraine and the Middle East.” Climatecrisis247 believes this is one in a growing list of new reports and analyses about fossil fuels that show that the transition to new technology is more expensive than formerly thought. In many cases, alternative energy companies have struggled to access capital. Fossil fuels remain abundant and relatively inexpensive. Immense fossil fuel corporations often have ready access to inexpensive financing.

JP Morgan Comments

Climatecrisis247 believes this is one in a growing list of new reports and analyses about fossil fuels that show that the transition to new technology is more expensive than formerly thought. In many cases, alternative energy companies have struggled to access capital. Fossil fuels remain abundant and relatively inexpensive. Immense fossil fuel corporations often have ready access to inexpensive financing.