Commentary
The world is quietly abandoning the fantasy that renewables alone can guarantee energy security.
The U.S.–Israel war on Iran exposed how vulnerable the global economy remains to disruptions in fossil fuel supply chains. Any disruption in the Strait of Hormuz quickly affects global fuel prices, inflation, and energy costs worldwide.
For years, Western governments pushed rapid decarbonization and a transition away from oil and gas. But war and supply disruptions have exposed how difficult that transition really is. Countries are once again looking to stable producers for reliable fossil fuel supplies.
Oil is once again a precious commodity, and producers are benefiting….