Elon Musk Predicts COLLAPSE Unless We Do This First
(RightWing.org) – When President Joe Biden entered office in January 2021, America was energy independent. In 2019, the United States became a net oil exporter for the first time since 1952. On his first day in office, Biden began implementing climate change policies that eroded the oil and gas industry. As gasoline prices rose last fall, the new Commander in Chief pleaded with Saudi Arabia to increase production. In July, the Middle East nation rebuffed him again after the Russian war on Ukraine sparked a separate crisis in Europe.
On Monday, August 29, Tesla CEO Elon Musk attended the Offshore Northern Shore (ONS) conference in Stavanger, Norway. The tech CEO has always been a big proponent of renewable energies; Tesla’s mission is to accelerate the transition to sustainable power. Yet, he told European leaders the world doesn’t need less oil — it needs more. If not, he warned, civilization would crumble.
Musk Warns Civilization Would Crumble Without More Oil
One of the richest people on the planet, Musk said the world needs to increase oil and natural gas supplies, insinuating government policies created the energy supply crisis as they rushed environmentally friendly policies. He stated countries could move as quickly as possible toward sustainable power without sacrificing oil until the technology is able to replace fossil fuels.
The billionaire advocate said the international community needs oil and gas in the short term. Without it, he warned civilization would crumble and suggested reasonable people understand the reality of the situation. Musk added that additional oil exploration is needed right now and into the future and stated the world’s greatest challenge is the transition away from fossil fuels while creating a sustainable economy.
The Tesla CEO issued the warning during the gathering of oil executives, energy analysts, and government officials. The low supply of oil and gas has driven gasoline, natural gas, and electricity prices up ahead of potential winter shortages in Europe.
Oil Industry Capped at the Knees
As the regulatory environment grows hostile towards US energy companies and supplies wane, they also face a growing backlash from banks and investors. Anthony Gallegos, CEO of Independence Contract Drilling, told The Epoch Times the industry is starved for capital, and banks who refuse to finance them are becoming more numerous.
Gallegos stated only a third of the number of banks provide revolving credit to oil and gas companies compared to six years ago. Over 100 banks that work with the energy sector signed the UN Net-Zero Banking Alliance as part of an environmental, social, and governance (ESG) principles movement. If the promise to incorporate net-zero emissions funding by 2050 or sooner is fulfilled, it could cause significant ripple effects on the energy supply and the economy.
During the height of fracking, from 2012 to 2014, companies easily acquired capital. Yet, Gallegos said those days are long gone, and oil companies may never see that level of financing again. He noted investors are tightening funding requirements and want the industry to show them how they will make money going forward in this political and regulatory environment.
So, could Musk’s warning come to fruition?
Could low supplies of gas, natural gas, and electricity cause society to collapse down the road?
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