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"This is the most important book you can read this year.
We cannot stop global warming and still have a fossil fuel industry.
The demise of the fossil fuel industry will affect everyone and will have impacts worldwide. The industry had revenues of approximately of $7 trillion If it was a country, it would be the third largest country in the world exceeded only by the United States and China. Or it is larger than the economies of Germany and Italy combined. In May 2024, institutional investors held $4.3 trillion in bonds and shares of fossil fuel companies, because the industry had record profits. But everyone who has a pension or is invested in a mutual fund will be affected when these profits disappear.
Solving global warming requires a transition from energy generated from fossil fuels to renewable energy. This transition will follow the transition of any other technological change. The change starts out slowly, then reaches an inflection point after which growth is exponential. We are now at that transition point. The exploration and refining sectors of the industry currently operate at a break-even point of about $45 per barrel of crude. Crude oil is now in the low $70s per barrel and will fall rapidly..
The economies of Oklahoma, Texas, Louisiana, Saudi Arabia, Russia, and Nigeria, to mention a few, will be affected more than other places. The governments in these locations will lose tax revenue to provide even basic services. International trade and geopolitics will change.
The cost of energy produced by hydroelectric and wind is lower than the cost of energy produced with fossil fuels. The cost of operating an electric vehicle is about $1500 per year less than the cost to operate a gasoline powered vehicle. While the price of petroleum products is controlled by organizations such as OPEC free market pricing will eventually prevail.
The writing about this change is already on the wall!
The impacts of these changes can be mitigated to some extent by an awareness of the key driving factors in the fossil fuel and renewable energy industries and by cooperation between business and government. This book provides an analysis of one of the largest changes in human history."
