[Fuzz]

I recently sat down for a very sobering conversation with Dan McTeague, President of Canadians for Affordable Energy, energy analyst and previous Member of Parliament.

As an analyst of energy prices, government policy, and global energy trends, he has serious warnings about a developing economic storm that North America and the world have seen before.

If the IEA is to be leading their 29 member countries with sound guidance, they seem to have a poor grasp of the immensity of the collapse of energy security they are recommending according to McTeague. IEA messaging has become contradictory, preaching reduced fossil fuel use to create “millions of jobs, lift economic growth and keep net zero in reach” in their May 2021 report. Then, just a few weeks after preaching that oil production must decline, the IEA called for OPEC+ to boost output to meet demand recovery and avoid a sharp oil price increase stating: “OPEC+ needs to open the taps to keep the world oil markets adequately supplied,” in their June 2021 report.

McTeague warns that the world is headed for an energy crisis, which he says is music to the ears of Russia and OPEC+ members because they now know that they are the swing producers. He says $100 oil is coming, and strategic petroleum reserves are not enough to cushion the impact. The U.S. has been drawing down on its SPR but it’s still not enough. Global demand and domestic demand are surpassing injection rates as other countries are drawing on their inventories as well. U.S inventories are now 6% below the five-year average and they’re probably going to be 8% below soon. He sees the current focus of IEA member countries as misguided.

https://boereport.com/2021/07/12/can...ergy-security/


Tough to disagree with this. An energy transition may be coming, but it's got a long ways to go. Reality is going to smack the world soon. Good opportunity for Canada, if we aren't busy shooting ourselves in the face. Worth reading this whole article, lots of good insight.