The world is addicted to oil and at no point in history has this been more apparent and risky. In a recent speech, the ECD Secretary General Angel GurrÃa warned oil and gas investors that an average 55 percent of pension fund portfolios are in high-carbon assets or sectors with major exposure to that sector.
In addition, he said, OECD governments make about $200 billion annually from oil and gas. Russia gets about $150 billion a year, or 28 percent of total government revenues, while OPEC countries revenues total $600 billion to $700 billion a year.
This “carbon entanglement” not only is a threat to the global economy but is a primary reason it is so difficult to move the world away from carbon, GurrÃa said.
Our high-carbon economical model cannot be sustained. The Shale Revolution in the United States has created a lot of jobs and helped ween us of some foreign oil, but at the cost of further increasing our energy and economic dependence on oil.
We may still be several generations or more removed from a near carbon-free economy, but we are so vulnerable to the inevitable change. When the reality of the commercial viability and scientific acceptance of LENR is upon us, it will be too late to reverse the economic devastation of the unprepared.