Oil and gas production hit new highs in the Permian, improving the energy outlook in the U.S. and Europe. 'Imagine the price without shale oil,' says one...
With soaring prices and the disruptions caused by Russia’s invasion of Ukraine, the world is turning to fossil fuels again. Governments are releasing strategic reserves, lining up new supplies and urging oil and gas producers to pump up production.Even strong advocates of clean energy, such as, CEO of investment giant BlackRock, acknowledged the reset. He said the U.S. was focused on boosting oil and gas supply, and Europe and Asia may increase coal consumption over the next year.
For years, fossil fuel companies were criticized for contributing to climate change, and some investors divested their holdings, hoping that would accelerate the switch to clean energy. But the current supply shock upends that approach.Michelle Michot Foss In the U.S., wind and solar accounted for about 5% of U.S. energy production last year. Add in biomass and hydro power, and renewables’ share topped 12%,Nuclear contributed 8.3%, and fossil fuels still accounted for 79% of U.S. energy production.
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