12/04/2023 - Dr. Anas Alhajji – Back To Earth: Reality of the Energy Transition

  1. Data indicates that future demand for oil and gas is UNDERESTIMATED, while demand destruction is HYPED.
  2. Global energy demand is increasing, making decarbonization more difficult to achieve, and the process of replacing fossil fuels slower.
  3. Despite massive spending on renewables in the last two decades, fossil fuels remain the dominant source of energy in the world, even in Europe.
  4. Coal remains the dominant source of electricity in India and China.
  5. Oil is rarely used in power generation in the OECD, China, and India. Doubling or tripling solar and wind energy sources will have a very limited impact on oil demand.  However, the failure of renewable energy, and consequent power shortages, will have a significant impact on oil demand.
  6. As LNG prices reached a record high in 2022, oil use in power generation increased.  The level of substitution among various energy sources last year was unprecedented.

Link Here to the Free Substack Article

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