The price of energy from all sources conventional is exploding globally.
Far from accidental, it is a well-orchestrated plan to collapse the industrial world economy that has already been weakened dramatically by almost two years of ridiculous covid quarantine and related measures….
What makes this different from the energy shocks of the 1970s is that this time, it is developing as the corporate investment world, using the fraudulent ESG green investment model, is dis-investing in future oil, gas and coal while OECD governments embrace horrendously inefficient, unreliable solar and wind that will insure the collapse of industrial society perhaps as early as the next months. Barring a dramatic rethinking, the EU and other industrial economies are willfully committing economic suicide.
What only a few years ago was accepted as obvious was that ensuring an abundant, reliable, efficient and affordable energy defines the economy. Without efficient energy we cannot make steel, concrete, mine raw materials or any of the things that support our modern economies. In the past months the world price of coal for power generation has doubled. The price of natural gas has risen by almost 500%. Oil is headed to $90 a barrel, highest in seven years. This is a planned consequence of what is sometimes called the Davos Great Reset or the Green Agenda zero carbon madness. …
Because financial investors on Wall Street and London saw the benefit of huge profits from the Green energy agenda, working with the Davos World Economic Forum to promote the laughable ESG investing model, conventional oil, gas and coal companies are not investing profits in expanded production. In 2020 worldwide spending on oil, gas, coal dropped by an estimated $1 trillion. That is not coming back.
With BlackRock and other investors all but boycotting ExxonMobil and other energy companies in favor of “sustainable” energy, one exceptionally cold and long winter in Europe and a record lack of wind in northern Germany, triggered a panic buying of gas on world LNG Markets in early September.
The problem was the restocking was too late, as most available LNG from the USA, Qatar and other sources that normally would be available had already been sold to China where an equally confused energy policy, including a political ban on Australian coal, has led to plant closings and a recent government order to secure gas and coal “at any cost.” Qatar, US LNG exporters and others have flocked to Asia leaving the EU in the cold, literally.
Global cooling started in late 2016, and this northern winter looks like being another cold one.
hat-tip Joe Pop.