“Coal is Dead and Oil is Heading for Peak Demand”
That’s not us saying so, but the world’s largest investment group BlackRock. These people are not particularly concerned with depleting resources, deteriorating environment or climate change, but in hard money only.
BlackRock, the world’s largest investment group, with $5 trillion in assets — more than the world’s largest banks — has begun to bet on clean energy. Why? “The thing that has changed fundamentally the whole picture is that renewables have gotten so cheap,” said [Jim] Barry.
President Trump is betting on reviving America’s coal industry, but BlackRock considers that to be a mistake.
The economic reality is that cheap fracked gas and plummeting prices for clean energy has squeezed both coal production and coal consumption to levels not seen for decades…
Because of the rapidly improving performance and cost of batteries, Barry is “bullish” on electric vehicles. And as a result, he is bearish on oil demand, noting that “there was always this historic view on oil about peak supply but it’s about peak demand being an equal dynamic.”