The chairman and CEO of Rockefeller owned energy company Chevron warned the global energy crisis had been exacerbated by Western governments doubling down on green energy policies that will only cause more volatility, more unpredictability, and more chaos.
CEO Mike Wirth told Financial Times in an interview this week that the premature transition from fossil fuels to green energy, a move to de-carbonize the economy, has sparked unintended consequences, such as energy supply issues that are already widespread in Europe and emerging in California.
Wirth continued that even though renewables, such as wind and solar, have been invested heavily by Western governments over the last two decades to de-carbonize grids, fossil fuels still are a large percentage of power generation, adding politicians really need to hold an honest conversation about the energy crunch before things worsen.
The reality is, [fossil fuel] is what runs the world today. It’s going to run the world tomorrow and five years from now, 10 years from now, 20 years from now.
The investments in alternatives versus fossil fuel were woefully short, trillions of dollars short, and has caused the mismatch illustrates the risk in moving from a system that keeps the world functioning today aggressively to another system, and shutting down nuclear, shutting down coal, discouraging oil and gas.
Wirth’s comments squarely blamed Western governments for the energy crunch and should also include Wall Street banks (BlackRock’s Fink), big tech companies, corporate elites, and other progressive organizations, such as The World Economic Forum, that have worked together to push a green energy agenda.
What’s become evident following the proxy NATO war in Ukraine and disruptions to global energy markets is that countries that quickly increased investments in green energy and decommissioned fossil fuel power plants suffer the most (Germany is a prime example).
The people who pushed green energy now say the world needs more and take no responsibility for the de-carbonization movement backfiring which has led to energy hyperinflation.
Wirth’s latest comments come as he warned US households to brace for soaring natural gas prices this winter. He has combated the mindless folks at the White House who have blamed the oil and gas industry for the energy crunch.
Oil Price.org / ABC Flash Point WW III Consumer News 2022.