Fossil energy industry in decline
This is a quick response to Chad Klinger’s post on my letter to the editor regarding Mr. Beaton’s column (“Aspen columnist might be divisive, but misses the mark,” June 17, aspentimes.com). I need to respond this way because I refuse to use Facebook for privacy reasons.
Mr. Klinger asked whether I was “pushing science, investment, or public policy.”
The answer is none of the above. I simply observe. As a professional economist, I have studied energy for 50 years, served two presidents, taught at three universities and spent more than a decade at a major thinktank.
I observe that the financial community has shut its door to the fossil energy business. In 1980 oil shares made up more than 25% of the value of the S&P500. Today it is less than 5%. Whether right or wrong, those who believe that global warming is not a problem have lost the argument because investors have turned off the spigot. Just last week the CEO of Royal Dutch Shell made the very point to the Wall Street Journal.
As I said — this is an observation.