WASHINGTON : The surge in crude oil prices past $100 a barrel has raised a big question: Will this latest spike in the notoriously volatile oil market help to speed the global transition from fossil fuels to cleaner energy sources to fight climate change?On the one hand, energy analysts say, soaring prices for gasoline, diesel and other products made from crude oil will drive cost-conscious consumers more quickly into electric vehicles and boost investment in competing clean technologies like...
Global sales of electric vehicles are growing, particularly in China and Europe, and to a lesser extent, the United States. That SUV demand canceled out the efficiency gains of EVs and has raised questions about the degree to which high oil prices influence the transition. In the United States, for example, the world's largest oil producer, drillers are already preparing to boost output. U.S. oil production is expected to soar next year to an all-time high above the 2019 record of 12.25 million barrels per day before peaking at 13.88 million bpd in 2034, according to the U.S. Energy Information Administration.
They also reinforce the notion that reinvesting the society's wealth in oil is"optimal for balancing government budgets today and in the future," he said.