“Physical and economic realities must not only be considered but controlling. Wishing and hoping for change is not a successful business strategy, and the past few years have awakened BP management to that reality.”
“Leaning in” is a phrase BP plc CEO Bernard Looney likes to use to describe how his company is embracing the energy transition. BP is transitioning from an “international oil company” to an “international energy company,” according to Looney. This means more renewable energy and less oil and gas. Looney invoked “leaning in” in February 2020 when he introduced new strategic aims for BP to reach “net zero carbon emissions on an absolute basis by 2050 or sooner.”
The Plan
In Looney’s presentation, “Reimagining energy, reinventing BP,” he said BP needed to reinvent itself as a clean-energy producer because climate change demanded it. …
Environmentalists fighting to ban oil and gas need to learn about the 30 percent of the barrel they ignore when they espouse a world powered exclusively by electricity generated by renewables. Replacing the organic properties of petroleum is a life-threatening void in the hubris of the enemies of mineral energies.
…it is estimated industrialized nations currently consume petrochemical products at a rate of 3.5 gallons of oil per day per person.
A recent opinion column in the Wall Street Journal, “You Can’t Build Roads Without Oil,” pointed out the fallacy of the “keep it in the ground” movement against fossil fuels. Forced energy transformationists want an end to the internal combustion engine and shuttered fossil-fuel-fired power plants. It is a wind-and-solar world with existing nuclear plants maybe to continue.…
“Although many may think the New England region is immune to an energy crisis past summer, winter peak demand is the issue.”
“New Englanders are largely unaware that the light at the end of the clean energy transition tunnel is not a train, it’s a blackout.”
Europe is facing an existential crisis – having sufficient affordable heat and electricity this winter for its populations. People are not only suffering ahead of winter’s arrival, but the likelihood of people dying because of this crisis is growing.
A similar challenge is being faced in many U.S. power markets. Can the worst of the potential outcomes be avoided, or are we on a path that will only worsen for our residents?
Warnings …
In May of this year, Federal Energy Regulatory Commission (FERC) commissioner Mark Christie said the country was “headed for a reliability crisis.”…