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‘The damage is done’: global oil crisis has changed fossil fuel industry for ever, IEA chief says (www.theguardian.com)

submitted 1 month ago by arbilp3@aussie.zone to c/worldnews@aussie.zone

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The oil crisis triggered by the Iran war has changed the fossil fuel industry for ever, turning countries away from fossil fuels to secure energy supplies, the world’s leading energy economist said.

Fatih Birol, the executive director of the International Energy Agency (IEA), also said that, despite pressure, the UK should forgo much of its potential North Sea expansion...

Birol said a key effect of the US-Israel war on Iran was that countries would lose trust in fossil fuels and demand for them would reduce.

“Their perception of risk and reliability will change. Governments will review their energy strategies. There will be a significant boost to renewables and nuclear power and a further shift towards a more electrified future,” he said. “And this will cut into the main markets for oil.”

I hope the Australian government takes note, though nuclear energy is not the best choice for us imv.

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[–] arbilp3@aussie.zone 9 points 1 month ago

From my understanding a nuclear power station would take 8-10 years to get up while costing an enormous amount, especially now that transport, materials, etc, etc, will cost a lot more with the current supply situation. So, for those reasons it is not a viable way to go.