Energy Report: Only The Beginning

Pump Jack, Oilfield, Oil, Fuel, Industry, Petroleum

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Crude oil prices surged to a 2-year high and that may be only the beginning if the International Energy Agency (IEA) gets its way. The IEA seems to believe that the only way to meet carbon goal is to immediately stop funding any investment in fossil fuels. This will create sharply higher prices and shortages for oil and gas while they call for the end of the internal combustion engine and pour billions of dollars in investment in alternative energy. The best way to achieve these goals is a form of economic terrorism that will cause the most economic pain for the poor of this world.  

The IEA says that “The world has a viable pathway to building a global energy sector with net-zero emissions in 2050, but it is narrow and requires an unprecedented transformation of how energy is produced, transported, and used globally. They point to using "behavior change" which means that it will force oil and gas prices to soar therefore forcing people to forgo their cars and either buy an electric car or walk or ride a bike. Of course, the cost of charging your electric car will be more than your gas car at that point and won't be guaranteed reliable as it will be powered by interruptible power sources. Of course in the IEA world, only the rich will be able to afford a car so most of us won't have to worry about it.

The IEA says that "Climate pledges by governments to date – even if fully achieved – would fall well short of what is required to bring global energy-related carbon dioxide (CO2) emissions to net-zero by 2050 and give the world an even chance of limiting the global temperature rise to 1.5 °C.” They say that “Our Roadmap shows the priority actions that are needed today to ensure the opportunity of net-zero emissions by 2050 – narrow but still achievable – is not lost. The scale and speed of the efforts demanded by this critical and formidable goal – our best chance of tackling climate change and limiting global warming to 1.5 °C – make this perhaps the greatest challenge humankind has ever faced,” said Fatih Birol, the IEA Executive Director. “The IEA’s pathway to this brighter future brings a historic surge in clean energy investment that creates millions of new jobs and lifts global economic growth. Moving the world onto that pathway requires strong and credible policy actions from governments, underpinned by much greater international cooperation.”  In other words, the US needs to cough up more money.  

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