Blackstone says Energy Squeeze coming
Skip to Content Open Menu Breadcrumb Trail Links Oil & Gas FP Energy Commodities Energy squeeze will trigger social unrest, Blackstone's Schwarzman says His comments were echoed by Larry Fink, who said there's a high probability of oil soon reaching US$100 a barrel Author of the article: Bloomberg News Bloomberg News Anthony Di Paola, Nicholas Comfort and Will Louch Publishing date:Oct 26, 2021 Last Updated 15 hours ago 2 minute read Brent crude is up 65 per cent to above US$85 a barrel. Brent crude is up 65 per cent to above US$85 a barrel. PHOTO BY LUKE SHARRETT/BLOOMBERG Blackstone Inc. co-founder Stephen Schwarzman said the world is facing energy shortages so severe they could cause social unrest. STORY CONTINUES BELOW Were going to end up with a real shortage of energy, he said at a conference in Saudi Arabia. And when you have a shortage its just going to cost more and its probably going to cost a lot more. And when that happens youre going to get very unhappy people around the world, in the emerging markets in particular. His comments were echoed by Larry Fink, who said theres 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 worlds 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. STORY CONTINUES BELOW This advertisement has not loaded yet, but your article continues below. MORE ON THIS TOPIC An oil pump jack near Granum, Alberta on May 6, 2020. Twin peaks: Whether its supply or demand, oil era heads for crunch time Propane, usually produced as a by-product or derivative of natural gas, has jumped in the past three months. Canadian propane prices surge 300% and could climb higher as U.S. markets brace for Armageddon Oil prices over US$81, natural gas on upswing but Canadian producers not eager to spend more Heres why OPEC+ is hesitant about boosting oil supplies Commodities such as oil, natural gas and coal have soared this year as economies rebound from the coronavirus pandemic and amid supply disruptions. Brent crude is up 65 per cent to above US$85 a barrel, while gas futures in Asia and Europe reached record highs this month. Several analysts have said that European countries could halt gas exports to neighbours if winters colder than normal and prices keep rising. Were not focusing on long-term solutions, were not trying to change the world in a granular basis, said Fink. We have these visions we could go from a brown world and we could wake up tomorrow thered be a green world. That is not going to happen. Bloomberg.com VIEW ON FINANCIAL POST THIS WEEK IN FLYERS 2021 Financial Post, a division of Postmedia Network Inc. All rights reserved. Unauthorized distribution, transmission or republication strictly prohibited. 365 Bloor St East, Toronto, ON, M4W3L4, www.postmedia.com Privacy Terms Copyright Contact Us Digital Ad Registry Site Map