The Deep State's All-Out Commitment To Destroy Fossil Fuels
Posted by freedomforall 1 year, 9 months ago to Politics
Excerpt:
"Investment in all phases of the fossil energy industry has swooned sharply in recent years, owing to both government regulatory and tax subsidy interventions and also due to the takeover of the Wall Street energy narrative by the ESG (environmental, social and governance) nonsense. Thus, as one astute analyst summarized,
The oil and gas industry, from extraction to transportation to refining, is no longer the profitable and financially stable enterprise it long was. Over the past decade, the industry’s profits have sagged, revenues and cash flows have withered, bankruptcies have abounded, stock prices have fallen, massive capital investments have been written off as worthless and fossil fuel investors have lost hundreds of billions of dollars.
Needless to say, this lagging investment trend began long before the COVID-19 pandemic crippled the global economy. Thus, over the last decade:
The stock market value of the four largest oil and gas majors plummeted by more than half;
In five of the past seven years the oil and gas industry ranked last among all sectors of the S&P 500, falling to less than 3% of the total market cap of the index compared to 16% a decade ago and 30%a few decades earlier.
Since 2015, industry analysts Hayes and Boone listed nearly 800 exploration and production companies, oilfield services, and midstream oil and gas companies that have filed for bankruptcy, with a debt load of more than $300 billion.
2020 saw $145 billion of write-down of oil reserves and related assets, reflecting the diminishing value of the oil and gas sector.
The companies at the center of the US fracking boom have fared worse, consistently spending far more on drilling and production than they generated by selling oil and gas. According to The Wall Street Journal, large publicly traded oil and gas producers spent $1.18 trillion on drilling and pumping oil over the past decade, largely on fracking, while bringing in only $819 billion in operating cash flow, and this yawning gap was covered with rising debt and asset sales.
Overall, the picture could not be more obvious. Energy prices are going to continue rising because the fossil investment/supply development process has been short-circuited.
...
What the Biden apparatchiks are really aiming to do is use $120 oil prices as an excuse to accelerate their promotion (at taxpayer expense) of high-cost [and unreliable] green energy"
"Investment in all phases of the fossil energy industry has swooned sharply in recent years, owing to both government regulatory and tax subsidy interventions and also due to the takeover of the Wall Street energy narrative by the ESG (environmental, social and governance) nonsense. Thus, as one astute analyst summarized,
The oil and gas industry, from extraction to transportation to refining, is no longer the profitable and financially stable enterprise it long was. Over the past decade, the industry’s profits have sagged, revenues and cash flows have withered, bankruptcies have abounded, stock prices have fallen, massive capital investments have been written off as worthless and fossil fuel investors have lost hundreds of billions of dollars.
Needless to say, this lagging investment trend began long before the COVID-19 pandemic crippled the global economy. Thus, over the last decade:
The stock market value of the four largest oil and gas majors plummeted by more than half;
In five of the past seven years the oil and gas industry ranked last among all sectors of the S&P 500, falling to less than 3% of the total market cap of the index compared to 16% a decade ago and 30%a few decades earlier.
Since 2015, industry analysts Hayes and Boone listed nearly 800 exploration and production companies, oilfield services, and midstream oil and gas companies that have filed for bankruptcy, with a debt load of more than $300 billion.
2020 saw $145 billion of write-down of oil reserves and related assets, reflecting the diminishing value of the oil and gas sector.
The companies at the center of the US fracking boom have fared worse, consistently spending far more on drilling and production than they generated by selling oil and gas. According to The Wall Street Journal, large publicly traded oil and gas producers spent $1.18 trillion on drilling and pumping oil over the past decade, largely on fracking, while bringing in only $819 billion in operating cash flow, and this yawning gap was covered with rising debt and asset sales.
Overall, the picture could not be more obvious. Energy prices are going to continue rising because the fossil investment/supply development process has been short-circuited.
...
What the Biden apparatchiks are really aiming to do is use $120 oil prices as an excuse to accelerate their promotion (at taxpayer expense) of high-cost [and unreliable] green energy"
Just like the botched Afghanistan pullout, all backwards.
FIRST, develop the technology, SECOND, plan how to introduce and complement hydrocarbon power. THIRD, phase out hydrocarbon power slowly, allowing everyone and all systems to catch up.
But NO. They are just destroying the economy because they want to. They don't give a damn about solar energy. They use solar energy as an excuse to conquer and destroy.
Personally, I love solar farms for one reason only: When I go flying, I can fly to a solar farm and fly over it, and then turn hard, and ride the rising jet of hot air like an elevator up a mile. Saves me gasoline.
The supposed problem is global warming. Solar panels are at best 40% efficient, which means 60% of the Sun's energy is converted to heat.
IF global warming is a problem, solar panels make it worse!!!