The big thinkers in the world talk about a transition away from oil and gas, and they talk about peak oil demand occurring in 2030. Let me leave your audience with one statistic about that. We have now invested over 40 years, almost $5 trillion in alternative energies. I'm not a critic of alternative energies, but we've invested $5 trillion in them. And we have reduced the market share of fossil fuels from 82%, all the way down to 81%, for a $5 trillion investment.
What would it take to get the market share of fossil fuels down to 70%, in a market where demands for all forms of energy are increasing? The policymakers need to understand, but more particularly your listeners need to understand, that peak oil demand, just as an example, will probably occur in 2060. There's nothing nuance about this. There's nothing narrative about this. This is pure arithmetic.
The big thinkers in the world don't seem to want to understand that a billion people on Earth have no access to primary electricity. And 2 billion people on Earth have access to intermittent or unaffordable electricity. What that means is that the world is going to need more of all forms of electricity, more of all forms of energy going forward. And that's going to require whether the big thinkers like it or not both oil and gas and coal.”
This is not a matter of interpretation; it's a straightforward result of basic arithmetic.
Sources: Resources Investor Rick Rule, https://www.eiu.com/n/energy-transition-will-move-slowly-over-the-next-decade/