{"id":1588,"date":"2022-07-09T05:43:11","date_gmt":"2022-07-09T05:43:11","guid":{"rendered":"https:\/\/prendergast.net\/?p=1588"},"modified":"2022-07-09T05:43:11","modified_gmt":"2022-07-09T05:43:11","slug":"the-all-out-commitment-to-destroy-fossil-fuels-will-it-succeed","status":"publish","type":"post","link":"https:\/\/prendergast.net\/?p=1588","title":{"rendered":"The All-Out Commitment To Destroy Fossil Fuels Will It Succeed?"},"content":{"rendered":"
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The All-Out Commitment To Destroy Fossil Fuels… Will It Succeed?<\/span><\/span><\/span><\/strong><\/h1>\n

by David Stockman, International Man Communique<\/em><\/span><\/span><\/span><\/strong><\/h2>\n

\"Destroyiing<\/p>\n

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Investment in all phases of the fossil energy industry has swooned sharply in recent years, owing to both government regulatory and tax subsidy interventions and also due to the takeover of the Wall Street energy narrative by the ESG (environmental, social and governance) nonsense. Thus, as one astute analyst summarized,<\/span><\/span><\/span><\/p>\n

The oil and gas industry, from extraction to transportation to refining, is no longer the profitable and financially stable enterprise it long was. Over the past decade, the industry’s profits have sagged, revenues and cash flows have withered, bankruptcies have abounded, stock prices have fallen, massive capital investments have been written off as worthless and fossil fuel investors have lost hundreds of billions of dollars.<\/span><\/span><\/span><\/p>\n

Needless to say, this lagging investment trend began long before the COVID-19 pandemic crippled the global economy. Thus, over the last decade:<\/span><\/span><\/span><\/p>\n