From Bloomberg via Canada's Financial Post, October 26, 2021:
His comments were echoed by Larry Fink, who said there's a high probability of oil soon reaching US$100 a barrel
Blackstone Inc. co-founder Stephen Schwarzman said the world is facing energy shortages so severe they could cause social unrest.
“We’re going to end up with a real shortage of energy,” he said at a conference in Saudi Arabia. “And when you have a shortage it’s just going to cost more and it’s probably going to cost a lot more. And when that happens you’re going to get very unhappy people around the world, in the emerging markets in particular.”
His comments were echoed by Larry Fink, who said there’s a high probability of oil soon reaching US$100 a barrel, especially with many governments and investors pushing back against investments in fossil fuels.
“Inflation, we are in a new regime,” said Fink, chairman of BlackRock Inc, the world’s biggest asset manager. “There are many structural reasons for that. Short term policy related to environmentalism, in terms of restricting supply of hydrocarbons, has created energy inflation and we are going to be living with that for some time.”....
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WTI, $110.35; Brent $116.71.
