For energy geeks like me, the late June release each year of the BP Statistical Review of World Energy summons forth Steve Martin-style enthusiasm:
Already Mark Perry has produced one key takeaway graphic from the copious data tables:
Keep this in mind the next time you hear some climatista say the EU is so much better than the U.S. when it comes to reducing greenhouse gas emissions.
I haven’t had time to do a deep dive into the data tables—I’m going to have to farm that out to Perry and Robert Bryce—so I’ll have to go with some of BP’s highlight charts.
While BP’s headlines boast of the great strides from renewable energy, a close look at the first chart shows that natural gas has experienced the most significant growth over the last 15 years, but notice that coal shows a large increase in 2021, which is continuing in a big way in 2022. (The huge dip in 2020 is of course the result of the COVID shutdown.)
Second, the growth in energy use is overwhelmingly in developing nations and not in wealthy industrialized nations, whose elites keep trying to deny new energy resources to the developing world. Once upon a time the left would have called this “colonialism,” but climate change, so it doesn’t count.
Finally, gee what a great idea it was to build wind and solar power and back it up with traditional fuels sourced from Russia:
Meanwhile, Bloomberg energy reporter Javier Blas notes that our refinery sector is running flat out. Maybe our government ought to be friendlier to building some new ones.
More from Javier Blas:
The oil giant is running out of capacity to pump more crude. . .
On Tuesday, French President Emmanuel Macron was caught at the Group of Seven summit relaying second-hand information to US President Joseph Biden that suggests the Saudis don’t have as much oil production capacity as they claim. Call it French secularism. . .
The truth will emerge in the next few weeks. On Thursday, OPEC+ will greenlight the final of its series of monthly output increases, giving Riyadh a target of almost 11 million barrels a day for August. Aramco has only pumped at that level for a grand total of eight weeks in its entire history, in late 2018 and early 2020. Now, it faces the prospect of sustaining that level or higher, for several months, perhaps even longer, for the rest of 2022 and through 2023.
Memo to President Biden” Good luck groveling with the Saudis this week for more oil.
Still on more from Javier Blas—electricity prices in Germany, home of all that cheap “green” energy (coming soon to a California near you?):