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.

Speaking exclusively to the Guardian, 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.”

Birol said there was no going back from the crisis: “The vase is broken, the damage is done – it will be very difficult to put the pieces back together. This will have permanent consequences for the global energy markets for years to come.”

no comments (yet)

sorted by: hot top controversial new old
there doesn't seem to be anything here
14 comments in c/energy@slrpnk.net view that post
[–] 12 points 6 months ago (3 children)
  • [–] 2 points 6 months ago (2 children)

    One can hope China is still selling solar panels and batteries. Because they are.

  • source
  • parent
  • hideshow 2 child comments
  • [–] 2 points 6 months ago (1 child)

    Once China reaches enough solar panels for itself the amount they export will skyrocket and it will provide solar for the whole world, because it's profitable at scale.

  • source
  • parent
  • hideshow 1 child comment
  • [–] 7 points 6 months ago

    They've been exporting for years. Which is why USA made them expensive and made laws to prevent people from buying them.

    China has been providing solar to the entire world for a long time. China produces more solar energy just inside China that exceeds the entire energy consumption of USA.

    Take a moment on that one. Appreciate that scale.

  • source
  • parent
  • [–] 6 points 6 months ago (2 children)

    So did Trump help alternative power?

  • source
  • hideshow 2 child comments
  • [–] 2 points 6 months ago* (2 children)

    Can't embargo the sun, wind, waves, or geothermal energy

  • source
  • hideshow 2 child comments
  • [–] 2 points 6 months ago (2 children)

    Hooray! Fuck fossil fuels. Oil is valuable, why set it on fire?

  • source
  • hideshow 2 child comments
  • [–] 2 points 6 months ago

    Petrochemical industry should be the last thing using oil in decades because it actually needs the exact chemical feedstock. But with declining demand there sound be enough oil wells in existence to keep enough supply to match the declining demand decrease slowly over time.

  • source
  • parent
  • [–] 2 points 6 months ago

    Silver lining I guess...

  • source
  • 10 comments in c/worldnews@aussie.zone view that post
    [–] 1 point 6 months ago (9 children)

    Why the hell would nuclear not be a good choice for Australia? Solarmaxxing is a great strategy but why not back it up with nuclear?

  • source
  • hideshow 9 child comments
  • [–] 14 points 6 months ago (1 child)

    Apparantly geothermal is extremely viable in australia for baseload as well. Also safer, and cheaper in the long run.

  • source
  • parent
  • hideshow 1 child comment
  • [–] 9 points 6 months ago (3 children)

    That depends. Is Australia self sufficient when it comes to nuclear fuel?

  • source
  • parent
  • hideshow 3 child comments
  • [–] [S] 9 points 6 months 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.

  • source
  • parent
  • [–] 1 point 6 months ago

    Because nuclear works, can be build, and fit well to current infrastructure. Renewables can't replace base generation, require non existing production capacity, grid upgrades and etc.

  • source
  • parent