“The Age of Fossil-fuel Abundance Is Dead; Dwindling investment in oil, gas and coal means high prices are here to stay,” the City of London’s The Economist magazine happily pronounced on Oct 4th. Falling investment in oil wells, natural-gas hubs, and coal mines means that today’s “energy” scarcity will get “even worse,” because those investments are harder “in an era of decarbonization,” they wrote. This will bring “inflationary upheaval … but it may at least accelerate the shift to greener—and cheaper—sources of energy,” they enthuse.
You may have trouble paying your electricity bill, but for these oligarchs, “the longer prices stay high, the more likely it becomes that the transition to clean energy ultimately buries the fossil-fuel industry. Consumers, in the meantime, must brace for more shortages. The age of abundance is dead.”
