OILPRICE.com
By Irina Slav – Sep 22, 2023, 6:00 PM CDT
- Energy transition efforts, including decreased investment in hydrocarbon production, have contributed to rising oil prices and increased reliance on fossil fuels in backup scenarios.
- Offshore wind projects are being canceled, EV sales in the U.S. are slowing down, and the solar industry faces competition from cheap Chinese panels, highlighting challenges in the renewable sector.
- Despite clear setbacks, governments remain committed to their energy transition goals, potentially leading to even higher energy costs in both Europe and the U.S.