How The Transition Push Contributed To Higher Oil Prices

  • 📰 OilandEnergy
  • ⏱ Reading Time:
  • 45 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 21%
  • Publisher: 68%

United Kingdom United Kingdom Headlines News

United Kingdom United Kingdom Latest News,United Kingdom United Kingdom Headlines

Uncertainty caused by the transition agenda of the governments has reduced appetite to invest in new oil and gas projects, a development that may lead to structurally higher energy prices

from transition campaigners that governments should switch targets and, instead of supply, focus on curbing demand by taxing the use of hydrocarbons.

The chief executive of Aramco, who has been one of the most vocal critics of the transition push as it is being conducted, recently leveled a new dose of criticism at its planners:" The reason there is no sufficient investment, according to the industry, is the uncertainty caused by the transition agenda of the governments where they operate. Indeed, when you have no clarity of the regulations that your government would direct your way as part of its efforts to fight climate change, investment decisions become even harder than usual to make.

The situation is even worse for African countries that want to pursue their energy independence by developing their own hydrocarbon resources. Banks and international lenders such as the World Bank and the International Monetary Fund have made it quite clear they would not be lending for oil and gas development.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 34. in UK

United Kingdom United Kingdom Latest News, United Kingdom United Kingdom Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Goldman Sachs Predicts $100 Oil As Renewable Transition FaltersThe push for a rapid transition away from hydrocarbons is causing unintended negative consequences, including rising oil prices and challenges in the renewable energy sector.
Source: OilandEnergy - 🏆 34. / 68 Read more »