Special Edition: Running on Fumes: The Future of Fossil Fuels

GZERO World with Ian Bremmer

GZERO Media

International Relations, Government, Foreign Policy, Gzero World, News Commentary, Trump, News, Global Economy, Geopolitics, Politics, Ian Bremmer

4.6 • 684 Ratings

🗓️ 5 November 2020

⏱️ 37 minutes

🔗️ Recording | iTunes | RSS

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Summary

The pandemic has hastened an already growing trend in energy consumption globally—a shift from fossil fuels like oil and gas toward renewable resources. What nations and corporations stand to benefit from this new reality, and who stands to lose the most? In the latest episode of Living Beyond Borders, moderator Caitlin Dean asks some geopolitical and economic experts--Luigi Pigorini, Head of Citi Private Bank in Europe, Middle East, and Africa; Ed Morse, Global Head of Commodities Research at Citi; and Robert Johnston, Managing Director, Global Energy and Natural Resources at Eurasia Group.

Transcript

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0:00.0	Welcome to Living Beyond Borders, the podcast from City Private Bank and G0 Media that examines the risks and opportunities in our rapidly changing world.
0:17.9	From global politics to economics and what it all means for you.
0:23.1	I'm Caitlin Dean, head of the financial and professional services practice at Eurasia Group.
0:28.6	There are a few sectors of the economy quite as tightly connected to geopolitical power as oil and gas.
0:35.0	The business and politics around fossil fuels, at least for the last 100-plus years,
0:40.2	have gone hand-in-hand and impacted each other cyclically. From the oil crisis of 1973 to the
0:47.5	Great Recession of 2008, and this year brought the biggest blow to date.
0:52.3	The price of a barrel of West Texas intermediate crude oil was negative $37 a barrel.
0:58.7	US all prices have become technically worthless.
1:01.8	Prices are down about 75% so far this year to date on pace for its worst year since at least 1983.
1:08.7	Producers ended up paying buyers more than $30 a barrel to get oil off their hands.
1:14.1	Demand has essentially vanished.
1:16.6	The result around the world, there is too much crude oil.
1:21.4	At the same time, there's been a push, in fits and starts,
1:24.8	towards renewable energy sources like solar, wind, water, and even nuclear.
1:30.4	So where are we today? I'm joined now by Luigi Piggerini, head of City Private Bank for Europe,
1:36.6	the Middle East and Africa. Hi Luigi. Hi, Katie. Hi, Kateley. Ed Morse, Global Head of Commodities
1:42.2	Research at City, is also with us. Ed, welcome.
1:45.4	Glad to join you, thanks.
1:46.7	And from Eurasia Group, we have Robert Johnston, managing director of energy, climate, and resources.
1:52.3	Robert, thanks for being here.
1:53.8	Great to be here with all of you.
	...

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