From an environmental standpoint, higher prices may be welcome if they sap demand for fossil fuels, especially in the absence of a global carbon tax with bite
In recent days the mayhem has pushed oil prices in America above $80 a barrel, their highest level since late 2014. Natural-gas prices in Europe have tripled this year. Demand for coal, supposedly on the slag heap of history, has surged. The chief executive of one commodities-trading firm says he comes into the office at 5am in order to get the latest news on blackouts in one Asian country or another. And winter, with its need for heating, has yet to arrive in the northern hemisphere.
This view is pervasive throughout much of the oil industry. In Europe, listed oil companies are under pressure from investors, primarily on environmental grounds, to stop drilling new wells. More upstream investment as prices rise could “delegitimise” their public commitments to cleaner energy, says Philip Whittaker of, a consultancy.
. In its “World Energy Outlook”, published on October 13th, the International Energy Agency , an energy forecaster, said that the rebound in consumption of fossil fuels this year may cause the second-biggest absolute increase in carbon-dioxide emissions ever. To reach a goal of “net zero” emissions by 2050, thesays there is no need for investment in new oil and gas projects after 2021. Instead it calls for a tripling of clean-energy investment by 2030.
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