January 22, 2021
THE GREEN NEW DEAL IS TOO CAUTIOUS:
Hydrogen is going to take 25% of all oil demand by 2050, Bank of America analyst says (Anmar Frangoul, 1/22/21, CNBC)
Israel listed several factors which would affect oil and gas going forward, including cheaper renewable energy, regulation and the electrification of cars."We believe that hydrogen is going to take 25% of all oil demand by 2050," he went on to state, adding that oil was "facing headwinds left and right. Yes, we'll still need it, yes, it's still going to be around, but the market share of oil is going to plummet."As noted by the U.S. Department of Energy, hydrogen "is an energy carrier, not an energy source," meaning it's a secondary energy source like electricity. The DOE adds that hydrogen "can deliver or store a tremendous amount of energy" and "can be used in fuel cells to generate electricity, or power and heat."
Hating environmentalists won't save fossil fuels.
Posted by Orrin Judd at January 22, 2021 10:12 AM