Oil’s long, slow decline?

Lower costs and lasting government mandates key to transitioning away from fossil fuels, but oil will not be going anywhere fast if history and current policy is a guide

Government policymakers across the globe have embarked on one of the most ambitious efforts in centuries as they attempt to wean the world off fossil fuels. The IEA has become one of the leading intergovernmental bodies involved in this effort by publishing studies and testimonies describing how emissions of global warming gases can be reduced to net zero by 2050. These endeavours all fall under the rubric of the ‘energy transition’. A wide array of proposals has been offered, ranging from sustainable aviation fuels to carbon sequestration. Every day, there are new ideas, inventions and investments. Rarely, though, is there a careful, sober examination of the true possibilities. Realism is r