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Is It Time To Abandon the Idea of Phasing Out Oil and Gas?

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Despite feigning interest, Big Oil still appears to oppose the global green transition and could well stand in its way. As Saudi’s state oil company leader condemns the green transition and calls for long-term oil production, other major industry players are voicing their scepticism around renewable energy and clean tech. Despite large investments into green energy and carbon-cutting projects from several oil and gas majors, Big Oil still appears to be heavily favouring fossil fuel production.

This month, the CEO of Saudi Arabia’s state-owned oil company Aramco, Amin Nasser, said that the energy transition was failing and called for policymakers to abandon the “fantasy” of phasing out oil and gas, with the demand for fossil fuels expected to continue growing in the coming years. During a panel interview at the CERAWeek by S&P Global energy conference in Houston, Nasser stated, “In the real world, the current transition strategy is visibly failing on most fronts as it collides with five hard realities.” He went on to say, “A transition strategy reset is urgently needed, and my proposal is this: We should abandon the fantasy of phasing out oil and gas and instead invest in them adequately reflecting realistic demand assumptions.”

Nasser has previously caught the energy world’s attention by claiming that oil and gas demand will not peak any time soon, contrary to claims by many energy experts. This came in response to an International Energy Agency (IEA) which predicted that oil, gas and coal demand would peak in 2030. Nasser believes that the IEA view is overly U.S. and Europe-centric, and discards growing demand for fossil fuels in other areas of the world, particularly those countries in the Global South undergoing industrialisation.

The CEO of the world’s largest oil producer does not believe alternative energy sources will be rolled out on the scale required to displace hydrocarbons in the short- to mid-term, despite massive levels of investment in the sector in recent decades. At present, wind and solar energy contribute just three percent of the global energy supply, while electric vehicle (EV) penetration stands at around three percent, Nasser emphasised. In contrast, hydrocarbons continue to account for around 80 percent of the world’s energy supply, falling by just three percent in the last quarter of a century. While the demand for coal is expected to fall, this will be largely replaced by a higher global demand for natural gas – the ‘cleaner’ fossil fuel. Nasser believes that governments are in denial and that a shift to green will not provide enough energy to meet the growing global demand.

During the Houston Conference, other oil and gas executives echoed Nasser’s views on the need for more investment in oil and gas. The CEO of Shell, Wael Sawan, highlighted the difficulties faced by the energy industry due to government bureaucracy in Europe, which was slowing the rollout of renewable energy projects. Meanwhile, Exxon Mobil’s CEO Darren Woods emphasised the continued high demand for petroleum products. He stated, “I think one of the things the policy to date and a lot of the narrative has been very focused on is the supply side of the equation and hasn’t addressed the demand side of the equation. And the impact that price has on demand.” He explained, “At the same time, the cost of converting and moving to a lower-carbon society if that cost is too high for consumers to bear, they won’t pay. And we’ve seen that play itself out in Europe, with some of the farm protests and the yellow vest protests a year or so ago.”

Following the conference, green campaigners criticised Big Oil for undermining the importance of the green transition and global efforts to tackle climate change. David Tong, the global industry campaign manager at advocacy group Oil Change International, stated “It’s no surprise to see misleading claims like this coming at CERAWeek, because fossil fuel companies are the biggest cause of the climate crisis, and their continued political influence is the biggest obstacle to solving it.”

Many energy experts believe that oil majors should not be given such an important part to play in the global green transition, given their significant role in producing greenhouse gas emissions. The oil industry has long fought to quash the development of green energy projects for their own financial benefit, and it seems unlikely that they would give up their healthy oil and gas revenues in favour of a green transition. The oil industry has fought governments for decades over the development of clean technologies. A recent analysis shows that the industry lobbied lawmakers to block support for low-carbon technologies such as solar panels, electric cars and heat pumps as far back as the 1960s.

There are several challenges to achieving a successful global green transition, and it still appears a long way off – given the current contribution of renewable energy to the global energy supply. However, significant progress has been seen in renewable energy and clean technology over the last decade, strongly supported by high levels of public and private funding in the sector, which is expected to continue. Further, while demand for oil and gas is growing, much of this demand is expected to shift to green alternatives as they become available.

By Felicity Bradstock for Oilprice.com

 



720 Comments on "Is It Time To Abandon the Idea of Phasing Out Oil and Gas?"

  1. ee on Fri, 10th May 2024 10:06 am 

    Inverted world. You have to inverted everything to find the truth.

  2. ee on Fri, 10th May 2024 10:08 am 

    Diversity = people that are not human

    Inclusion = you should change your way of thinking and welcome them and provide for them.

    It is an inverted world like the bible said.

  3. ee on Fri, 10th May 2024 10:16 am 

    Who is the biggest promoter of progressive values such as diversity, inclusion: the Jews and the European of Europe.

  4. ee on Fri, 10th May 2024 10:19 am 

    I really dislike the European and the Jews. I simply do not trust them.

  5. ee on Fri, 10th May 2024 10:21 am 

    I trust the Chinese and Russians more then I would trust the Europeans and the Jews.

  6. ee on Fri, 10th May 2024 10:36 am 

    I just want to repeat that. I have not seen one failure of the principle of conservation of mass. This mean that I will collect earth cadavers as it was initially planned.

  7. ee on Fri, 10th May 2024 10:38 am 

    Earth was created with a specific purpose. To kill the population living in it. Only the people that will receive divine protection or will leave the earth will live.

  8. eee on Fri, 10th May 2024 10:39 am 

    Fucking German, fucking communists.

  9. ee on Fri, 10th May 2024 10:46 am 

    Why do you think there is so much evil on planet earth. Because we are sending the garbage we don’t like on planet earth for execution.

  10. ee on Fri, 10th May 2024 10:53 am 

    Oh, let the sun beat down upon my face, with stars to fill my dream.
    I am a traveler of both time and space to be where I have been.
    To sit with elders of a gentle race this world has seldom seen.
    Who talk of days for which they sit and wait
    When all will be revealed.

    To sit with elders of a gentle race this world has seldom seen meaning that earth is the opposite of gentle that is devilish. We are sending the trash we hate here on planet earth for execution.

    All be revealed.

  11. ee on Fri, 10th May 2024 10:56 am 

    Oh, let the sun beat down upon my face, with stars to fill my dream.
    I am a traveler of both time and space to be where I have been.
    To sit with elders of a gentle race this world has seldom seen.
    Who talk of days for which they sit and wait
    When all will be revealed.

    https://www.youtube.com/watch?v=y_6M254L0XU

    gentle race this world has seldom seen meaning that this world does not know what gentle mean because it is devilish. You get it stupid asshole

  12. eee on Fri, 10th May 2024 11:07 am 

    Wait, until we start torturing earth population for real, fucking cock sucker. What about a civil war as a way to torture you to death.

  13. ee on Fri, 10th May 2024 11:20 am 

    I am not totally sure of that, but there is a possibility that earth was created on top of my holographic matrix and earth is run using my holographic matrix. I will need more confirmations of that. If it is the case it means I own your fucking ass and can do what I want with you including torturing you to death.

  14. eee on Fri, 10th May 2024 11:31 am 

    https://www.youtube.com/watch?v=uIdVsakzJfE

  15. eee on Fri, 10th May 2024 11:50 am 

    J’ai toujours mal a quelques parts, câlisse.

  16. ee on Fri, 10th May 2024 12:15 pm 

    Do you know why they chose a man with no wife and kids. It is to make a neutral conclusion. If I come to conclusion that kids are the invaders and we should kill them, I will not feel guilty of recommending their death.

    Same with women, if I judge that women should be killed, I will not feel guilty about did because I am single.

    Everything is about me making a neutral decision because I cannot be manipulated by money, women or kids.

  17. ee on Fri, 10th May 2024 12:20 pm 

    They chose make and built me life in such a way that I can make the most neutral decision possible. This is why I have no girlfriends, no kid and I don’t need money.

    Monad

    The Spirit Body of the Monad is the higher mind function of the Observer, watching and aware of forming concepts and making assessments. It is the higher mind principle consciousness that comes to neutral conclusions and decisions based on accumulated experiences. When the spirit is in control of the nervous system of the body, it makes higher evolution of Consciousness action possible.[1]

  18. eee on Fri, 10th May 2024 12:23 pm 

    They created me and built me life in such a way that I can make the most neutral decision possible. This is why I have no girlfriends, no kid and I don’t need money.

    There is good chance that I am actually running earth through my light body without me knowing it for now.

    Apparently for them planet earth matter. For me I don’t care about earth and people living in it.

  19. eedd on Fri, 10th May 2024 12:26 pm 

    You see there is a logic to everything happening. It was planned in a careful manner.

  20. ee on Fri, 10th May 2024 12:28 pm 

    I still stand by my conclusion that killing all the Jews of the planet is the right thing to do.

  21. eee on Fri, 10th May 2024 12:33 pm 

    I also stand by my decision to all the people working in the mainstream medias, including journalists.

  22. ee on Fri, 10th May 2024 12:34 pm 

    I also stand by my decision to kill all the people working in the mainstream medias, including journalists.

  23. ee on Fri, 10th May 2024 12:41 pm 

    I also stand by my decision to kill all the high level administrators working in all the universities of North America. I also stand by my decision to kill all the teachers working inside the medical department of all the universities of North America.

    A lot of fucking traitors to kill.

  24. eee on Fri, 10th May 2024 12:44 pm 

    I also stand by my decision to kill all the high level administrator working in the united nations all the staff working for any think tank (CFR, Atlantic council and so)

  25. eee on Fri, 10th May 2024 12:47 pm 

    I also stand behind my decision to kill all the staff working for the BIS, Bureau of international settlement.

    A lot of cock suckers to kill.

  26. ee on Fri, 10th May 2024 12:56 pm 

    I stand by my decision to kill all the economists living in North America. I stand by my decision to kill all the teachers of economic sciences working in all the universities of North America.

    A lot, a lot of cock suckers to kill.

  27. ee on Fri, 10th May 2024 1:01 pm 

    I stand by my decision to kill all the teachers involved of the so called fake science called feminism or women studies.

  28. ee on Fri, 10th May 2024 1:01 pm 

    You get where I am going with my list of execution.

  29. ee on Fri, 10th May 2024 1:11 pm 

    I stand by my decision to kill all the judges in North America, including the Judges working in divorce court. Ask a male negro how he was treated by the US divorce court and alimony court. The negro has a lot to tell about this.

  30. ee on Fri, 10th May 2024 1:25 pm 

    J’ai mal aux criss de jambes. J’ai toujours mal a quelques parts, tabernacle.

  31. eee on Fri, 10th May 2024 4:09 pm 

    These pieces of shit are too big and reqioe too much staff to operate.

    https://www.youtube.com/watch?v=sNuz4G3xqwY

    I preferer a bigger number of smaller helicopters equipped with machine guns, that are easier to repair, reload in fuel and ammunitions over bigger helicopter. This is why I also like the pickup over bigger military vehicle.

  32. ee on Fri, 10th May 2024 4:10 pm 

    These pieces of shit are too big and requiert too much staff to operate.

    https://www.youtube.com/watch?v=sNuz4G3xqwY

  33. ee on Fri, 10th May 2024 4:22 pm 

    We are talking about urban warfare against an unarmed population. Go for small, maneuverable over big and difficult to maneuver.

  34. ee on Fri, 10th May 2024 4:49 pm 

    I am not a fan of the combat airplane. Not enough loading capacity and too complex to maintain. I prefer bombers as the loading capacity is bigger and you can do more damage with one pass over the combat airplane where you have too reload to many time. I am a big fan of the A10.

    Remember we are not killing anybody, there are just fake images.

  35. ee on Fri, 10th May 2024 4:56 pm 

    I hate the military tank. I dont believe in it so called combat effectiveness.

  36. ee on Fri, 10th May 2024 5:02 pm 

    Sometime big and heavy is not better. Better a lot of small and easily maneuverable vehicles.

    https://www.youtube.com/watch?v=fAPlKNURbnc

    There is a reason why the A380 was cancelled. It was too big.

    https://www.youtube.com/watch?v=GuIb7hW7DGo

  37. ee on Fri, 10th May 2024 5:02 pm 

    Don’t forget it is an inverted world. They want you to believe that big is better then small.

  38. ee on Fri, 10th May 2024 5:09 pm 

    I also don’t believe in the combat effectiveness of the fighter jet. It is was of money.

  39. eee on Fri, 10th May 2024 5:11 pm 

    What is the combat effectiveness of a dog fights. What kind of destruction power you get from that.

    https://www.youtube.com/watch?v=igaXsfQlYy8

  40. ee on Fri, 10th May 2024 5:14 pm 

    They want you to spend money on combat machineries that are not effective. Go small and effective.

  41. eee on Fri, 10th May 2024 5:25 pm 

    I dont believe that fighters jet and tanks are effective combat machines. They should be discarded from the army inventories. Especially this piece of crap of F35.

  42. ANAL SHOCK EXTREME CAPTURE PROLAPSE BAZZAIRE elite whitey supertard president greta has grown two ENORMOUS global warming spheres on Fri, 10th May 2024 5:42 pm 

    i love cats i love every kind of cats im a cats lover and i love to run

    sry im being emotional im thinking about cats again

  43. eee on Fri, 10th May 2024 6:04 pm 

    I love it when you lose control of your body and start doing circle in your bedroom naked. So much fun. So much fun this new body.

  44. eee on Fri, 10th May 2024 6:07 pm 

    So much fun, when they attach something invisible to your body and you start doing circle naked in your bedroom.

  45. ee on Fri, 10th May 2024 6:16 pm 

    Look at your fucking vagina, she is good for nothing.

    https://www.youtube.com/watch?v=iVLcKzt0AWg

  46. ANAL SHOCK EXTREME CAPTURE PROLAPSE BAZZAIRE elite whitey supertard president GRETA has grown two ENORMOUS global warming spheres on Fri, 10th May 2024 8:13 pm 

    i love cats i love every kind of cats im a cats lover and i love to run

    sry im being emotional im thinking about cats again

    This debbie for eharmoney

  47. eedd on Fri, 10th May 2024 8:38 pm 

    How fighter jets dog fight an efficient tactic of war. The real purpose of war is to kill people.

    https://www.youtube.com/watch?v=nL2p6lXqNcU

  48. ee on Fri, 10th May 2024 8:44 pm 

    The purpose of all these wars, Russian revolution, WW1 and WW2 were just a prétextes to create a international law framework to justify the creation of globalism and eventually the installation of communism.

    It goes this way, if we talk to each other and work together we can avoid world wide conflict. If we establish a global international trade system we can avoid wars.

    For people to be scare of wars, the military equipment needed to look scary, like tank, an fighter jet, and so on. Again, it is about manipulation and control, it always is.

  49. ee on Fri, 10th May 2024 8:51 pm 

    If you want to invade a planet, you have to make sure that the invaders will be accepted by the population. How do you force people to accept the invader. You come up with concept such as diversity, inclusion, reaching consensus during the decision making process.

    Eventually, you threaten people in a subtle way if the refuse to accept the invaders. So you come up with catch phrase such as, how dare you to say that immigration is a bad, you know you could lose your jobs over this or be rejected by the tribe you belong to.

    It is all about control and taking away your freedoms.

  50. ee on Fri, 10th May 2024 9:00 pm 

    Then if you suspect that you will run out of natural resource, you need to lower the birth rate.

    Then you invent feminist, lady boy, you make gayness popular and the right choice of life style. How do you make these popular. You create universities program to give credibility to these concepts in the eyes of the population you want to control the birth.

    Now you want to lower the birth rate even lower, you make divorce popular and you create a divorce and alimony court system. You get the idea.

    It is all about psychological manipulation.

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