“The Revenge of the Fossil Fuels”

Sorry, Greenies Were you forwarded this email? [Sign-up to The Daily Reckoning here.]( [Unsubscribe]( [Daily Reckoning] “The Revenge of the Fossil Fuels” - The world still needs fossil fuels, and lots of them… - “... billions of people freezing in the dark and a slowing global economy — all in pursuit of the false dogma of global warming”… - Google bans climate dissent… Recommended Link [Your Tickets Have Been Comped]( Just days now my colleagues are going LIVE with the biggest event in the history of our company… At this event you’re going to get to hear from some of the greatest financial minds in the world today. People like: James Altucher, Jim Rickards, George Gilder, Ray Blanco, Zach Scheidt and Alan Knuckman. This is a once-in-a-lifetime opportunity to join these Editors on a private Zoom and hear from each of them LIVE, as they talk about their best investments and recommendations for the coming year… And each of them is going to release a major prediction that could affect your financial future as soon as this October. In order to make sure you don’t miss this once-in-a-lifetime opportunity you must register to the event. [Click Here To Register]( Portsmouth, New Hampshire October 12, 2021 [Jim Rickards]Dear Reader, What have the climate alarmists been screaming about for the past 40 years or so? Their agenda is well-known. They want to close nuclear plants; shut down coal electric generators; eliminate natural gas and oil-fired electrical plants; and substitute wind, solar and hydropower in their place. According to the fanatics, this substitution of renewable energy sources for so-called “fossil fuels” and uranium-powered plants would reduce CO2 emissions and save the planet from the existential threat of global warming. Everything about this climate alarmist agenda is a fraud. The evidence that the planet is warming is slight and the effect is likely temporary with global cooling in the forecast. The contribution of CO2 emissions to any global warming is not clear and is at best unsettled science and at worst another fraud. Most importantly, global energy demand is growing much faster than renewables can come online, meaning that oil, natural gas, clean coal and nuclear energy will be needed whether renewables grow or not. Wind and Solar Won’t Cut It Wind turbines and solar panels cannot be the backbone of a modern energy grid because they are intermittent sources. Wind turbines require continual wind and solar panels require continual sunlight. Turbines don’t produce when the wind stops. Solar panels don’t produce at night or on cloudy days. I have firsthand experience with this because I once built the largest off-grid noncommercial solar panel array in New England. You learn quickly to do laundry, run the dishwasher and use other high-energy electrical appliances on sunny days because you’ll need to conserve your batteries through the snow and rain. A grid can’t run on intermittent sources; it needs continuous sources of energy that only come from oil, gas, coal and nuclear. Despite these scientific and practical hurdles, the climate alarmists have been very effective politically. Many countries such as Germany and Japan have shut down nuclear and coal plants in an effort to substitute renewables in major industrial economies. Now the day of reckoning has arrived. Recommended Link [Billionaire Leaves Crowd In Shock]( [Read more here...]( An audience of a few hundred (including myself) quietly gathered in Washington D.C. a few months back. That’s when the world’s richest man, Elon Musk, took the stage… and shocked the entire room. It all has to do with this image you see on your screen… showing a surprising new discovery he’s made. Not only will this blow you away… it could also transform the American economy forever. See Elon’s shocking reveal (plus see what it means for you)… [Click Here To Learn More]( Billions of People Freezing in the Dark China is quickly running out of electrical-generating capacity. China gets more than 50% of its electricity from coal, but it is running out of coal. China has had to lift its ban on Australian coal imports (arising from a dispute about tracing the source of the COVID outbreak) and it's now taking as much Australian coal as it can get. A similar situation exists in Germany where the failure of renewables to provide a reliable source of supply combined with a shutdown of nuclear plants have led to dependence on Russian natural gas. Putin is slowly closing the taps to increase Europe’s desperation. The price of natural gas in Europe is skyrocketing. In Lebanon, the two power plants that supply 40% of that country’s electricity have shut down due to oil shortages. There is no electricity and probably won’t be for days. Many will die this winter as power outages spread and as heating systems fail. The global economy will also suffer due to decreased output as China and Europe both close factories in order to conserve electricity for homes. This is what the climate alarm fanatics have produced — billions of people freezing in the dark and a slowing global economy — all in pursuit of the false dogma of global warming. Thanks, Biden It turns out the world still needs fossil fuels, and lots of them. “Green” energy just isn’t ready for prime time, and probably won’t be for decades. The International Energy Agency has said that if the world hopes to meet a net-zero carbon emissions target in 2050, it should stop investing in oil, gas and coal production now. The Biden administration, along with European leaders primarily, has sought to cripple the fossil fuel industries while incentivizing wind and solar. The result is serious underinvestment in oil and natural gas exploration. As journalist Noah Rothman writes, you can point a finger at policymakers: The intended consequence of these [Biden] policies was to create artificial energy scarcity and incentivize alternative fuel producers to enter the marketplace. “If you restrict the supply (of oil and gas), you alter the market and you create a better environment for more sustainable fuels,” New York University professor Max Sarinsky told The Associated Press. This was all part of the plan, to the extent there was a plan. So yes, there’s a lot of blame to go around if... a dark, cold and scary winter materializes. No small share of that blame should be apportioned out to the central planners who sought to kneecap the existing energy market in favor of an insufficient alternative. Recommended Link [Former CIA and Pentagon Advisor: "Americans Should Do These 5 Things NOW"]( [Read more here...]( America could be facing a catastrophe that will catch most people by surprise… And no, it’s not the coronavirus. Most Americans have no idea what’s about to hit them in the coming days. Which is why Americans should take these 5 steps right now. [See These Shocking Details]( As our senior analyst, Dan Amoss, affirms: If predictions of oil’s demise are off the mark by a decade or three, there will be very painful, real-world consequences in the form of underinvestment in the oil patch. Underinvestment in oil projects as oil companies chase wind and solar could lead to trade-crippling, market-crashing gasoline and diesel prices. “This Is the Revenge of the Fossil Fuels” The ironic part, as others have noted, is that the suppression of oil, natural gas and nuclear energy has led to a dramatic increase in the dirtiest fossil fuel of all — coal. As Bloomberg reports: For nearly a decade, it appeared in terminal decline as investors shunned miners and European countries shut down coal-fired power plants. And yet the world’s dirtiest fossil fuel won’t go away. Global consumption peaked in 2014, but rather than fall rapidly, as many expected, it stabilized in a gentle plateau. And now, just as the fight against climate change intensifies, it’s growing again, with the resurgence largely driven by China. “This is the revenge of the fossil fuels,” said Thierry Bros, an energy expert and professor in Paris. So much for the Great Reset and “building back better.” This is just another example of how bureaucratic central planning often backfires and produces the very outcome it’s supposed to prevent. You can look to the endless five-year plans of the Soviet Union for examples. And it’s even worse at the global level because there’s no escape valve. Countries must follow the same policies, no matter how destructive they turn out to be. As With Vaccine Dissent, Google Bans Climate Dissent It’s all part of the climate change hysteria that global elites have embraced. And of course, Big Tech is all too eager to suppress dissent. The Big Tech companies have suppressed information about the widespread side effects and several thousand deaths of the experimental gene-therapy COVID vaccines. These companies have become censors. Now they’re extending the practice to climate change… Google is banning ads featuring content that contradict what it considers “inaccurate” information on climate change and will no longer allow ad revenue to come from them. “Inaccurate” information includes content such as “denying that long-term trends show the global climate is warming, and claims denying that greenhouse gas emissions or human activity contribute to climate change.” But as I explained earlier, the science is far from settled. The best data indicates that carbon dioxide has a limited warming effect, and that the planet may be approaching a cooling trend. And just as Google has relied on the WHO and CDC for information about COVID and the vaccines (which have often proven disastrously wrong), Google will rely on climate information from “authoritative sources.” In other words, from sources like the United Nations’ Intergovernmental Panel on Climate Change (IPCC), which has been a major source of climate alarmism. Unfortunately, these dangerous climate policies are having real-world consequences. I can only imagine how many people they will kill. Regards, Jim Rickards for The Daily Reckoning P.S. On [Oct. 14]( just two days from now, at 1 p.m. Eastern time… Five of my colleagues and I are going LIVE with the biggest event in the history of this company… It’s called [“The Six Predictions Summit.”]( At this LIVE event, each of us is going to release a major prediction that could affect your financial future starting immediately. We’ll also talk about our best investments and recommendations for the coming year. Here’s just a sample of what you’ll hear: [Why the global financial system is facing a meltdown that is rapidly approaching…]( [The No. 1 reason that most tech stocks will FAIL in the coming years (and the one trend that will replace them all)...]( [The REAL reason stores are having trouble stocking their shelves (and what that means for your investment during Q4).]( There’s much, much more. This is your chance to prepare yourself for what’s coming in the year ahead. In order to make sure you don’t miss out on this urgent information, you must register for Thursday’s event. It’s 100% FREE. [Go here now to register.]( --------------------------------------------------------------- Thank you for reading The Daily Reckoning! We greatly value your questions and comments. Please send all feedback to [feedback@dailyreckoning.com.](mailto:dr@dailyreckoning.com) [James Rickards][James G. Rickards]( is the editor of Strategic Intelligence. He is an American lawyer, economist, and investment banker with 35 years of experience working in capital markets on Wall Street. He is the author of The New York Times bestsellers Currency Wars and The Death of Money. Add feedback@dailyreckoning.com to your address book: [Whitelist us]( Additional Articles & Commentary: [Daily Reckoning Website]( Join the conversation! Follow us on social media: [Facebook]( [LinkedIn]( [Twitter]( [RSS Feed]( [YouTube]( The Daily Reckoning is committed to protecting and respecting your privacy. We do not rent or share your email address. By submitting your email address, you consent to Paradigm Press delivering daily email issues and advertisements. To end your Daily Reckoning e-mail subscription and associated external offers sent from The Daily Reckoning, feel free to [unsubscribe here.]( Please read our [Privacy Statement](. For any further comments or concerns please email us at feedback@dailyreckoning.com. 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