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

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?"

ee on Fri, 10th May 2024 9:02 pm

Less human on planet earth, more room there is for the invaders and the bigger the invasion can be.

ee on Fri, 10th May 2024 9:05 pm

THen you take away their handguns and firearms. If there is no resistance, you speed up the invasion.

dd on Sat, 11th May 2024 1:35 am

Ostie que c’est drôle. Never thought you guys would push that story that far. Shooting the dog in the face.

https://www.youtube.com/watch?v=leeVzgDfh0Q

eee on Sat, 11th May 2024 1:48 am

She dress like a prostitute. Wow vous beurrez épais en tabernacle

https://www.youtube.com/watch?v=FJehNbQjR9g

ee on Sat, 11th May 2024 10:55 am

They want to eliminate Whiteness without killing Whites. The invaders are afraid of Whites people.

https://www.youtube.com/watch?v=un95aGfa9BI

The purpose of teaching racial theory in university is to make it scientifically acceptable to kill Whites. Once Whites people are gone, the invasion can move ahead and nothing will stop them with their C40 cities and to take control of the whole earth and their population using psychological methods of submission.

This is why I stand by my decision to kill all high level administrateurs working in all the universities of North America, kill all the teach working for the department of gender studies, race studies, and social studies and psychological studies.

Whites are the fence against them taking full control of earth and its population.

ee on Sat, 11th May 2024 10:58 am

The purpose of teaching racial theory in university is to make it scientifically and MORALLY acceptable to kill Whites. Once Whites people are gone, the invasion can move ahead and nothing will stop them with their C40 cities and to take control of the whole earth and their population using psychological methods of submission.

ee on Sat, 11th May 2024 11:01 am

The killing of Whiteness is a concept that has been heavily pushed by the Jews working in universi9tess. There is some quotes about that somewhere on the web. There is a reason why I want to kill all the Jews of the world. It is neutral decision that I believe will benefit the whole planet.

ee on Sat, 11th May 2024 11:05 am

The US black community has been destroyed by feminism, the divorce and alimony court. And these stupid cocks suckers are still supporting the leftist.

ee on Sat, 11th May 2024 11:18 am

Eventually, if you want your nations back, you will have to kill people in a big numbers.

eee on Sat, 11th May 2024 2:13 pm

I can look at the sun directly for 5 or 6 sec continuously. The sun is white compare to old orange pale color. The air cools down as soon as sun disappear You have this sensation of being cook alive when the sun is in full force, Something is about th happen.

ee on Sat, 11th May 2024 2:37 pm

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.

Oh, all I see turns to brown
As the sun burns the ground.
And my eyes fill with sand
As I scan this wasted land.
————————————

The song Kashmir talk about that:

As the sun burns the ground.

It really feels like that sun is burning you alive.

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

eee on Sat, 11th May 2024 2:47 pm

Frome the song kashmir.

Oh, when I’m on, when I’m on my way, yeah
When I see, when I see the way you stay, yeah-eah

It seems to imply that some people will leave earth and the ones that stay will be burned alive.

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

Solar on Wed, 22nd May 2024 7:02 am

Thanks for making this topic understandable. I learned a lot from your blog post.

Jomar on Wed, 10th Jul 2024 5:07 pm

This idea sounds good in theory, but do you think it is sustainable in Dover? What are the long-term consequences of abandoning oil and gas?

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

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