The best laid plans of climate activists have gone majorly awry: Soaring fossil fuel prices haven’t increased demand for and supply of “clean” energy sources, as they’d expected, while demand for fossil fuels exceeds supplies.
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And activists’ pressure on European governments to suppress production of fossil fuels has really backfired, creating an unholy dependence on Russian oil with dangerous geopolitical ramifications. As a result, fossil fuel sources are making a remarkable comeback. … Also: US analysts still haven’t gotten the recession memo, blithely raising estimates even though investors and managements alike are girding for the worst. Even analysts overseas have on rose-colored glasses, particularly in Europe where the risk of a recession is rising as energy shortages worsen.