This press release by two separate organisations must have been sponsored by big oil and gas, surely?!!
How could such sacrilege be allowed on a reasonably mainstream news outlet, spewed from two clearly compromised organisations?
But seriously, our quote, below, says a lot about the folly of alarmism and rushed policy decisions, especially when based on long term climate changes that pale in comparison to the challenges of current populations all around the world.
Trading off the wellbeing and life expectancy of living people for fantasyland attempts to control an inherently chaotic future climate…
Unfortunately, it took millions in freezing conditions and the prospect of months of energy poverty misery to reach this point, which is not even half way to a sensible, humanist position for most alarmists…
“While the energy transition proceeds, underinvesting in oil and gas before renewables and other low-carbon technologies are ready to scale up to meet energy demand could create recurrent energy crises of the kind we saw in Asia and Europe over the last few months, resulting in elevated prices and adverse economic consequences,” he added.
The next two years will be critical for sanctioning and allocating capital toward new projects to ensure adequate oil and gas supply comes online within the next 5-6 years, the report states.
Insufficient upstream investment could result in more price volatility and spur adverse economic consequences, such as wider energy poverty, more frequent scarcity and fuel switching to more polluting energy sources such as wood and coal, the report found.
ARTICLE / SOURCE:
Deepening Underinvestment in Hydrocarbons Raises Spectre of Continued Price Shocks and Volatility – BusinessWire