By Paul Homewood
h/t Philip Bratby
Ambrose Evans-Pritchard gets more absurd every day!
Just as high finance and elite opinion writes off the fossil fuel industry as irretrievably doomed, a fresh twist in the global energy saga is again starting to upset all calculations.
The oil and gas fraternity has embraced carbon capture with the zeal of the converted, betting that this neglected technology can be made cheap enough – quickly enough – to head off the seemingly unstoppable march towards electrification and the green hydrogen economy.
The British Government has had its own eureka moment, seeing it as a path to net-zero and economic revival at the same time. “We want to lead on carbon capture and storage, a technology I barely believed was possible, but I am now a complete evangelist for,” said Boris Johnson at the Tory party conference.
Big Oil & Gas has become an advocate of a high carbon price, calculating that it can turn the price signal to advantage, mobilising its engineering muscle to beat renewables at their own game in the net-zero arms race.
Having spent years telling us how wonderful and cheap renewable energy is, he now expects us to believe that fossil fuels can be competitive as long as they are used in conjunction with cripplingly expensive carbon capture!!
As ever, his article is full of holes, one commenter sums up it up neatly:
via NOT A LOT OF PEOPLE KNOW THAT
October 20, 2020 at 04:21AM