Why a Trump administration should quit the International Energy Agency (IEA) – ‘Has morphed into a green propaganda outfit’
By Marc Morano
April 5, 2024
https://www.realclearenergy.org/articles/2024/04/04/conflict_of_energy_forecasts_saudi_aramco_vs_international_energy_agency_1022803.htmlConflict of Energy Forecasts: Saudi Aramco vs. International Energy Agency
By Rupert Darwall
April 04, 2024
Fifty years ago, the economies of the West were reeling from the effects of an oil embargo imposed by the Organization of Petroleum Exporting Countries (OPEC) in response to the United States providing emergency military aid to Israel in the October 1973 Yom Kippur war. By January 1974, the embargo had nearly quadrupled the price of oil, driving up inflation and ending the postwar economic expansion.
The Nixon administration responded to this first energy crisis in two ways. In November 1973, President Nixon announced Project Independence: by 1980, America would meet its energy needs from its own energy resources. Though it took nearly four decades longer than Nixon envisaged, the U.S. finally became a net energy exporter in 2019, thanks to the shale revolution. In December 1973, Secretary of State Henry Kissinger proposed the formation of an energy buyers’ group to counterbalance the market power of the oil exporters, led by Saudi Arabia, an initiative that came to fruition with the setting up of the International Energy Agency (IEA) in November 1974.
Half a century later, something strange happened. The roles ascribed to championing producer and consumer interests suddenly reversed. At last month’s CERAWeek in Houston, Saudi Aramco CEO Amin Nasser poured cold water on the forced march of the energy transition, telling the conference, “the hopes and ambitions of 8 million energy consumers around the world are at stake.” The message from consumers, he said, is that they want energy that protects the planet and their pocketbooks, “with minimal disruption to supplies and their daily lives.”
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