Al Gore’s Wrong: Renewable Fuels Are Not Replacing Oil & Natural Gas, Says Oil Expert
The Daily Ticker's interview with former U.S. vice president and Nobel Peace Prize winner Al Gore generated thousands of comments from Yahoo readers and viewers as well as insiders in the energy industry. It turns out that climate issues, and Gore, really get people talking. Dan Dicker, an oil trader and author of “Oil's Endless Bid,” disagreed with Gore's comments that the estimated $7 trillion in carbon assets held by multinational energy companies -- specifically oil and natural gas reserves -- will never be burned.
Related: Al Gore: We Should Put a Price on Carbon
Third world nations "are reaching for the cheapest energy sources around and that will not be renewables," Dicker tells Yahoo Finance editor-in-chief Aaron Task. He goes on to assert that countries in Africa and the Middle East will consume their own underground supplies of natural gas and crude oil to power their cities, villages and industrial complex. Every decade demand for oil increases 10 million barrels per day "like clockwork and that trend is intact," adds Dicker. "Energy demand has always moved to the most efficacious and cheap source and until renewables reach equivalent economies we won't see a massive switch from fossil fuels." (We should note that says Dicker he's "a big fan" of Al Gore and a believer in climate change.)
Related: Keystone Pipeline Is an 'Atrocity' and President Obama Will Reject It: Al Gore
Gore contends that in less than seven years 86% of the people in the world will live in areas where the price of renewable electricity is cheaper than the price from other energy sources such as coal and oil. Renewable energy (wind, solar) will not only cost less, but also employ more workers than traditional energy industries, according to Gore.
Watch the video above to see Dicker’s advice on whether or not to own renewable energy stocks.
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