A global energy crisis is assailing the international economy just as the United Nations gears up to demand an end to cheap, affordable fossil fuels at its COP26 climate conference in Scotland.
Nations’ premature and accelerated attempts to transition to renewable energy, neglecting the production of fossil fuels, have been stymied by the hard reality there is no immediate, affordable alternative to petroleum, coal, natural gas, and nuclear energy.
Gas prices in Europe and Asia are at an all-time high, while the price of oil is at a three-year high and the price of coal is skyrocketing.
Europe has been particularly hard hit by the energy crisis, and the price of natural gas is already up more than 130 percent since the beginning of September and is more than eight times higher than the same point last year.
“This price shock is an unexpected crisis at a critical juncture,” said European Union (EU) energy chief Kadri Simson last Wednesday. “The immediate priority should be to mitigate social impacts and protect vulnerable households.”
According to the Financial Times, Europe and the UK’s target of net zero economies has “sapped investors’ willingness to put money into developing supplies of a fossil fuel they believe could be largely obsolete in 30 years” while Europe’s domestic gas supplies have run dangerously low.
The UK has suffered from its decision to transition away from coal as an electricity source, a problem compounded by the country’s so-called “windless summer,” which significantly diminished electricity generation in recent months.
Prime Minister Boris Johnson is a big fan of wind generation and dreams the UK will become the “Saudi Arabia of wind power.”
Nearly a quarter of British power is now produced by wind electricity, which has exacerbated the country’s current predicament.
China is suffering from its own energy crisis, with insufficient coal to meet expected demand in the cold winter months, augmented by a hot summer and stronger economic growth.
Unburdened by the West’s environmental conscience, however, China has had no qualms about returning to increased coal consumption, a measure mirrored in India.
“People are starting to realize that risk of higher energy prices could derail growth,” said Phil Flynn, an analyst at Price Futures Group in Chicago. “Is energy demand a good thing or a bad thing?”
Read more at Breitbart
One thing that the climate change movement is very good at is ignoring facts that run contrary to their agenda. It will be interesting to see if COP 26 will be able to ignore the world wide energy crisis which is worse in the UK, the same place the conference is being held.
This article has a link to a CNN article. I noticed that gave the causes of the energy crisis as a surge in demand for energy. It mostly ignored the primary cause of the effort to transition to wind and solar power.
“China is suffering from its own energy crisis, with insufficient coal to meet expected demand in the cold winter months, augmented by a hot summer and stronger economic growth.”
And now: flooding in the past 48 hours has closed a bunch of Chinese coal mines. This is not going to be a ‘good’ winter.
And when they arrive it wont be on a Magic Carpet they wont be flapping their arms and they wont use a portal from here to there they will arrive on their Private Jets be driven there by Limo and they’ll stay ina Building and use all those Kilowatt Hours of Electricity and all that water as well