A return to fossil fuels

 Daily Caller:

Two of Europe’s largest energy firms are pivoting from green energy back to their core oil and gas businesses, a move that industry experts tell the Daily Caller News Foundation signals a willingness to take political hits as oil and gas continue to be major sources of revenue.

Both Shell and fellow U.K. energy firm BP opted against further cuts to oil production recently, in a bid to restore investor confidence as their renewable ventures struggled, according to Bloomberg. While the moves were met with criticism from climate-focused investors — activist investors and protestors attempted to storm the stage at Shell’s annual shareholder meeting in late May — the companies are likely to stay the course despite criticism, thanks to the reliability of oil and gas to drive profits despite the emergence of green energy, Dan Kish, senior research fellow at the Institute for Energy Research, told the DCNF.

“Smart energy executives looking at the long term recognize that politics are fleeting,” Kish said. “Politicians may be flighty and distracted by today’s shiny objects, but real business sense combined with a knowledge of engineering and physics shows that real energy makes good business because it is what people need and want.”

Shell CEO Wael Sawan described his company’s shift as a “fundamental culture change” during a Wednesday presentation intended to draw investors, especially American ones, to support the company, The Wall Street Journal reported. Shell performed poorly in 2022 compared to U.S. titans Exxon Mobil and Chevron in 2022, and Sawan has made playing catch up a priority.

BP made a similar decision, opting to increase investments in oil and gas while slowing its advancement toward green alternatives.

“At the end of the day, we’re responding to what society wants,” BP Chief Executive Bernard Looney said.
...

Big Green fails to meet the needs of consumers.  It has its limitations in both production of energy and cost. 

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