How Woke Economics Accelerates Energy Poverty by David Yager
Appeared in EnergyNow on June 4, 2022
Gina's Thoughts
"One of the primary target of "wokeness" is fossil fuels." David Yager writes that "unencumbered by facts or global market size, opposing fossil fuels and reciting the appropriate mantra about getting rid of them became a moral crusade." The decade-long divestment movement has indeed demonized fossil fuels and has led to a chronic undersupply issue due to lack of investment in the sector. "When societal pressures cause a reduction in energy supplies or renders them unaffordable, the consequences are extremely serious. Using capital markets to restrict fossil fuel supplies in the absence of suitable substitutes has proven to be disastrous. The result is shortages and skyrocketing prices." This is exactly what we are witnessing now. And, what we need now is investment, not divestment.