Rodmac41
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The CEO of Saudi Aramco, Amin Nasser, has called for a change in the strategy of transitioning from fossil fuels to renewable energy sources, commonly known as the ‘green’ transition. Nasser believes that the current strategy has failed and proposes to abandon the idea of replacing oil and gas with ‘clean’ fuels, which he considers a ‘fantasy’. Instead, he suggests focusing on reducing harmful emissions into the atmosphere. Amin Nasser believes that the demand for fossil fuels will continue to grow in the coming years, which he sees as proof of the correctness of his point of view.
According to CNBC, Nasser stated at the CERAWeek International Energy Conference, hosted by S&P Global in Houston, Texas from March 18 to 24, that the current transition strategy is not working on many fronts due to five hard realities. The head of Aramco proposed a change in the transition strategy, suggesting that instead of abandoning the use of oil and gas, we should invest in them while taking into account the existing demand. The audience applauded this speech, which was reported by CNBC.
According to the International Energy Agency’s (IEA) forecast from last year, the demand for oil, gas, and coal will peak by 2030. However, Nasser suggests that a peak in demand should not be expected in the near future. He recommends that the IEA focus on demand in the US, Europe, and the developing world. Despite $9.5 trillion of investment in alternative energy sources over the past two decades, Nasser believes they have not been able to replace fossil fuels on a large enough scale. Currently, solar and wind energy account for less than 4% of the global energy balance, while electric vehicles make up less than 3% of the global vehicle fleet. In contrast, the share of hydrocarbons in the global energy balance only slightly decreased from 83% to 80% in the 21st century. Despite this, global demand for oil equivalent increased by 100 million b/d during this time and is expected to set a new record this year. The growth of gas has been 70% over the past two decades.
Amin Nasser emphasized that the picture of the future that some painted cannot be considered accurate. Even those who previously did not recognize the importance of oil and gas are beginning to do so.
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The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of this site. This site does not give financial, investment or medical advice.
I get paid over $190 per hour working from home with 2 kids at home. I never thought I’d be able to do it but my best friend earns over 15k a month doing this and she convinced me to try. The potential with this is endless .Heres what i have been doing…
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Oil / Gas Age: 1860 – 2060
Both natural products unlike batteries and nuclear which will contaminate the planet for centuries to come.
My statement is not about whether oil / gas is good or bad. It’s about the fact that we live on a finite planet and so have a finite supply. The question is how long will this supply last. I am giving the estimate that that will be about 40 more years. I am, however, no expert in this field.
While speaking at a meeting of the ‘Leaders of Russia’ awards in 2024, Vladmir Putin stated —“No matter how they talk about the renewable energy sources, for a very, very long time humanity will be dealing with the issues of hydrocarbons, their production and use, and there will be enough work for 100 years”
Nope. Methanol is inexhaustible. We should transition to it either as a combustible, or as feed for Methanol Fuel Cells. Both Petrol and Battery-only are dead ends.
Sounds good to me. Have they started on anything yet?
Fusion is still on the table I suppose.
I think a sustained Cold Fusion reaction is technically impossible on the Earth, and the experimental scientists are probably well aware of this, but they will continue to dupe governments into handing over public money. I believe that the astronomical Gravity which is essential for a sustained Cold Fusion reaction, could never be created on the Earth, and the chain reaction will always impact the chamber of the Cold Fusion reaction, and quickly come to an end.
I assume they are attempting magnetic containment, not gravitational.
If methanol is an easy alternative, why are Saudi and Russian gas such a big deal? What am I missing here?