Speaking at the opening day of the annual CERAWeek global energy industry gathering in Houston, Saudi Aramco CEO Amin Nasser declared plans for a government subsidized energy transition a failure, saying, “there is more chance of Elvis speaking next than the current plan working!”
He isn’t wrong, and Elvis was nowhere in sight.
Nasser began his speech by telling the audience made up largely of executives in the oil and gas industry and its contractors that, “We can all feel the winds of history in our industry’s sails again.”
Again, he isn’t wrong.
The winds of change have been blowing for well over a year now in favor of placing national energy security concerns over the rank climate alarmism that dominates the narratives surrounding this mythical transition. In fact, that shift began to become apparent at the 2023 CERAWeek gathering, as speaker after speaker emphasized the need to refocus on enhancing energy security after three years and trillions of dollars in debt-funded spending on renewables.
Now, with last November’s re-election of Donald Trump to a second presidency and the Energy Dominance agenda he brings with him, the momentum at the industry’s back is starkly obvious.
But that doesn’t mean that the world will or should abandon the expansion of other forms of energy, including intermittent sources like solar power and stationary batteries.
In this area, Nasser echoed the “all-of-the-above philosophy touted earlier in the Monday agenda by U.S. Energy Secretary Chris Wright, emphasizing a new model that “reflects the reality of growing demand and energy addition,” while bringing an end to the current practice by many activists and politicians of demonizing oil, gas, and coal.
“Ladies and Gentlemen, the world was promised many things in the current transition plan,” Nasser said. “It was like promising an energy El Dorado. And this quest was equally doomed to fail.”
Noting that the chosen alternatives to fossil fuels currently being heavily subsidized — wind, solar, green hydrogen, and electric vehicles — are unable to even account for incremental energy demands, much less replace fossil fuels, Nasser advocated for a revised effort in which alternatives play a growing role of complementing reliable, conventional energy sources. “I take no pleasure in this. But it is time to stop reinforcing failure. Indeed, as the fictions of the promised transition finally wash away, there is an historic opportunity to change course.”
Nasser’s remarks were largely echoed by Secretary Wright, who promised, “The Trump administration will end the Biden administration’s irrational, quasi-religious policies on climate change that imposed endless sacrifices on our citizens.” Wright also dismissed the previous administration’s focus on climate alarmism over energy security as myopic.
“The Trump administration will treat climate change for what it is — a global physical phenomenon that is a side effect of building the modern world,” Wright said. The energy secretary called Biden’s policies “economically destructive to our businesses and politically polarizing. The cure was far more destructive than the disease.”
Wright also bluntly explained why the Trump administration singled out offshore wind as an especially destructive element of the Biden myopia, while at the same time extolling solar and battery storage as zero-emission ideas that make sense.
Offshore wind’s “incredibly high prices, incredibly huge investment and a large footprint on the local communities, so it’s been very unpopular for people that live near offshore wind turbines,” Wright said. Touting his “all-of-the-above” approach, Wright said the administration supports anything that adds to “affordable, reliable, secure energy,” adding, “Wind has been singled out because it’s had a singularly poor record of driving up prices.”
Emphasizing the inadequacies of the subsidized alternatives to fossil fuels, Wright pointed out that there “is simply no physical way that wind, solar and batteries could replace the myriad uses of natural gas.” He also pointed out that gas currently supplies 43% of power generated on the U.S. grid, a share that is unlikely to be reduced anytime soon.
It all boils down to the simple reality that globalist plans for this government-forced transition have failed. As Nasser said, the time to “stop reinforcing failure” has arrived.
Elvis has left the building.
David Blackmon is an energy writer and consultant based in Texas. He spent 40 years in the oil and gas business, where he specialized in public policy and communications.
The views and opinions expressed in this commentary are those of the author and do not reflect the official position of the Daily Caller News Foundation.
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