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Business

Mitchell Schnurman

A carbon resurgence? With $100 oil and big gaps in renewables, fossil fuels are as essential as ever

Larry Fink Luke Metzger Scott Sheffield United States

The clean energy transition has been interrupted.

With soaring prices and the disruptions caused by Russia’s invasion of Ukraine, the world is turning to fossil fuels again. Governments are releasing strategic reserves, lining up new supplies and urging oil and gas producers to pump up production.

Call it the carbon resurgence, and it’s a reminder that fossil fuels remain as essential as ever.

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