There is little financial upside to heavy investments in new exploration let alone expanding exploitation of existing reserves. What capital management group in their right mind and more importantly due diligence to their investors would back a multi billion dollar investment in fossil fuels when the entire plant’s governments have said via treaty and accords that fossil fuels will be carbon taxed or cap and traded. The heavy investments are going to SWB as in solar wind batteries there are at least two battery technologies at the near term price of $75 cents per kWh or less crossing that price point puts the round trip cost under 5 cents kWh in storage that’s competitive to gas turbines anywhere in the world and three times cheaper than what Europe pays for wholesale power. It’s not a matter of if but when that price point is crossed. Tesla is close their gigafactory I’m Austin Texas will be putting out $100 kWh packs later this year and they expect to.drop 20% when they scale up again.
Everything we do depends on oil at some level. You can’t make plastics from sunshine.
Well the Russians are busy pumping out as much natural gas as they can and selling it at high prices to an increasingly power hungry, cash rich Western Europe.
And Dementia Dementia Joe’s pathetic attempts to stop the Russian gas pipeline has met with total failure.