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IPFS News Link • Oil

Saudi Oil Giant CEO says world should abandon the fantasy of living without oil

•, By Jo Nova

In a radical move, the CEO of an oil giant actually defended oil. For a brief moment the space-time continuum opened a worm hole to reality, and leaders of some of the world's largest corporations briefly said sensible things.

The energy transition is falling apart so fast, even the prime targets of hate, the Big Oil Men themselves, are now openly pointing out what a waste of time and money solar and wind power are. BP was trying to cut oil production 40% until very recently when it flipped to increasing it. But now we have a whole conference of Big Oil.

Saudi Aramco CEO says energy transition is failing, world should abandon 'fantasy' of phasing out oil
By Spencer Kimball, CNBC

HOUSTON — Saudi Aramco CEO Amin Nasser said Monday that the energy transition is failing and policymakers should abandon the "fantasy" of phasing out oil and gas, as demand for fossil fuels is expected to continue to grow in the coming years.

"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.

We spent trillions of dollars and we have nothing to show for it:

Nasser said 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…

Meanwhile, the share of hydrocarbons in the global energy mix has barely fallen in the 21st century from 83% to 80%, Nasser said.

This is the graph he was surely thinking of — the one that shows how irrelevant, inconsequential and trivial the whole "renewable energy transition" has been so far. See that black line…?

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