Chris Wright, who runs America’s second-biggest frack services company, said there’s no energy transition underway and warned subsidies for wind and solar will only drive up power prices and increase grid instability.
“We’re investing a lot of money in some new energy technologies; some of this is great, but it’s not an energy transition,” Wright, chief executive officer at Denver-based Liberty Energy Inc., said during a Bloomberg TV interview on Monday. “Three decades from now the vast majority of energy will come from hydrocarbons.”
Elon Musk Says World Needs More Oil and Gas as Bridge to Renewables
“At this time, the world needs more oil and gas, not less,” – Musk said Monday during an energy conference in Norway, adding that he’s not someone to “demonize” the fossil fuels. At the same time, “we must have a clear path to a sustainable energy future.”
Norway, the host of the ONS energy conference where Musk spoke, is in the midst of a transition itself. The country, which gets most of its electricity from hydropower, has been an early adopter of electric cars thanks to generous government incentives, and plans to sell only emissions-free vehicles by mid-decade. At the same time, it got rich on oil and uses a $1.2 trillion sovereign wealth fund to cover budget spending shortfalls.
(Source: Bloomberg, August 30-2022)