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Charley — 157 posts
Hydrogen & Offshore Wind, business advisor and trainer, Charley Rattan Associates
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U.S. crude oil consumption is about 20 mbpd and production is about 11 mbpd this year. The US buys the missing fuel on the market. The same can be said for natural gas. There are countries that have significantly lower oil and gas production costs than the United States: Russia, Saudi Arabia, Kuwait, Qatar, and some others. Maybe cheaper to buy? Information is here.
That's great to see, but obviously the starting point is still so high that a drop in 50% of price likely still means work needs to be done before commercialized green hydrogen can play the role in the sector some are hoping for it to. Is there a 'magic number' price that you think we need to be working towards that will be that pivot point?
Guess you have to start somewhere-- will be important to see the rate of acceleration towards that goal. Last thing you'd want is it to turn into another carbon capture type idea, where we could get it there if we had the time and resources to spend but because we're running out of wiggle room before climate catastrophe it risks being too little too late to make a difference
Thanks for these insights, Sebastian. On BP's proposed shift towards more clean energy sources, many in the industry express understandable skepticism about how much they're really investing and working on that switch vs. then some sort of greenwashing. What would your response be? Do you think the transition is in earnest or is there a degree of trying to get some green PR in...
BP has embarked on a journey, and they are about to pass the point of no return. Committing to a 40% crude production cut by 2030 and investing $5 billion every year in low carbon is a major undertaking with big repercussions for shareholders - not just greenwashing (although there is a huge PR effort attached to this new strategy).