Stephen Moore has an excellent “story of the film so far” about the Net Zero / Green energy / no more cars with engines / unicorn fart-based energy initiative:
The Wall Street Journal reported last week that “clean energy” investment funds are tanking, with some down as much as 70% in recent months. Solar has been one of the worst-performing industry stocks this year.
This collapse is happening right when Exxon and Chevron have engineered a combined $110 billion blockbuster acquisitions to expand oil and gas drilling in the Permian Basin in Texas, one of the biggest oil fields in the world. This year, they both reported their largest profits ever.
They and their investors are looking at the real-world data, not green energy propaganda. In 2023, the world is guzzling oil and gas like never before. Global consumption of fossil fuels was higher in 2022 than at any time in human history, even as the developed countries spend hundreds of billions of dollars trying to stop oil, gas and coal.
As they say: follow the money. All the politicians’ wishful thinking won’t change the nature of the world (i.e. reality), as much as they’d like to think it can.
no surprise at all.
When the world changed from using whale oil to electricity to light their homes, we didn’t need government mandates, government subsidies, tax incentives etc.
JQ
Considering even EVs need electricity generated by fossil fuels, it makes sense that demand would increase.