Workers pack and ship customer orders at the 750,000-square-foot Amazon fulfillment center in … [+] Romeoville, Illinois. Getty Images
The need for oil and gas has never been so clearly defined as in 2022. Recovery from the pandemic started it. The Invasion of Ukraine by Russia that pushed European nations into energy independence from Russia has continued it. The inflation of energy prices by various shortages and supply chain blocks has worsened it.
Projections of future energy needs due to industrial growth by large countries like China and India as well as world population rise have reinforced the position that energy needs will rise by 50% by 2050.
But there are certain factors, not widely discussed, that hint at renewables growth that will likely impact growth of oil and gas. One is the transport sector switching from gasoline to electric vehicles (EVs). Another is…