Saudi Aramco CEO: ‘The Energy Transition Is Failing. Policymakers Should Abandon the Fantasy of Phasing Out Oil and Gas’

Saudi Aramco CEO: ‘The Energy Transition Is Failing. Policymakers Should Abandon the Fantasy of Phasing Out Oil and Gas’

The climate alarmist cult is in planetary disarray, with their once-unquestionable ‘scientific theories’ and ‘environmental policies’ getting rejected at a rapid pace in many parts of the world.

European farmers and Canadian Provincial Premiers and conservatives everywhere in the western world are getting increasingly vocal about the shortcomings of the so-called ‘Green New Deal’.

In this context, it’s reassuring to see some measure of pushback from people who have real skin in the game, like Big Oil moguls.

The world’s biggest oil producer is the Saudi company Aramco. Its CEO, Amin Nasser, just came out yesterday (18) and said that the energy transition envisioned by the ‘global warming’ crowd is failing.

He went ahead and in a rare show of honesty, advised that policymakers should abandon the ‘fantasy’ (ouch!) of phasing out oil and gas, as he is sure demand for fossil fuels is expected to continue to grow in the coming years.

CNBC reported:

“’In the real world, the current transition strategy is visibly failing on most fronts as it collides with five hard realities’, Nasser said during a panel interview at the CERAWeek by S&P Global energy conference in Houston, Texas.

‘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’, the CEO said to applause from the audience.”

Nasser said oil and gas demand is unlikely to peak in 2030 or any time soon, and pointed out that these projections only account for the demand in the U.S. and Europe – but needs to focus on the developing world as well.

He noted that alternative energy sources have been unable to displace hydrocarbons at scale, despite the world investing more than $9.5 trillion over the past two decades. Wind and solar currently supply less than 4% of the world’s energy, and total electric vehicle penetration is 3%, he said.

“‘Meanwhile, the share of hydrocarbons in the global energy mix has barely fallen in the 21st century from 83% to 80%, Nasser said. Global demand has increased by 100 million barrels of oil equivalent per day during the same period and will reach an all-time high this year’, the CEO said.

Gas has grown 70% since the start of the century, Nasser said. The transition from coal to gas is responsible for two-thirds of the reductions in carbon emissions in the U.S., he said.

‘This is hardly the future picture some have been painting’, Nasser said. ‘Even they are starting to acknowledge the importance of oil and gas security’.”

Nasser would have the nations focus more on reducing emissions from oil and gas, in addition to developing renewables.

“’We should phase in new energy sources and technologies when they are genuinely ready, economically competitive and with the right infrastructure’, Nasser said.”

Read more:

Rishi Sunak Rolls Back Multiple Environmental Policies in ‘Pragmatic’ Move That Leaves Climate Alarmists Fuming – British PM Worries About Financial Impact on Families

 

 

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Author: Paul Serran