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You can’t make this crazy stuff up. Today feels so 1979. Biden is a laughing stock
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It was just last June when we asked if "ESG will trigger energy hyperinflation", explaining that the progressives' ESG agenda, "is unwinding the shale oil revolution. As recent events at Exxon and Shell have shown, the pressure on oil companies to reduce oil and gas exploration and adapt their business models has increased significantly over the past few months" (incidentally the answer to our rhetorical question was "yes").
We added that "ESG is a negative supply shock that internalizes the climate cost of the production of goods and services. This negative supply shock will be inflationary until technological progress absorbs these costs. That could take years. Moreover in Europe, it could garner enough of political support to justify a more aggressive fiscal policy despite the constraints at the German or EU levels."
Meanwhile, the impact of ESG on oil companies has been to depress Capex spending to the lowest level in decades, leaving the energy sector entirely unprepared for any energy price spike, as it simply did not have the capacity to pump as much oil as may be needed.
——
It was just last June when we asked if "ESG will trigger energy hyperinflation", explaining that the progressives' ESG agenda, "is unwinding the shale oil revolution. As recent events at Exxon and Shell have shown, the pressure on oil companies to reduce oil and gas exploration and adapt their business models has increased significantly over the past few months" (incidentally the answer to our rhetorical question was "yes").
We added that "ESG is a negative supply shock that internalizes the climate cost of the production of goods and services. This negative supply shock will be inflationary until technological progress absorbs these costs. That could take years. Moreover in Europe, it could garner enough of political support to justify a more aggressive fiscal policy despite the constraints at the German or EU levels."
Meanwhile, the impact of ESG on oil companies has been to depress Capex spending to the lowest level in decades, leaving the energy sector entirely unprepared for any energy price spike, as it simply did not have the capacity to pump as much oil as may be needed.
Zerohedge
ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero
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