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Conflict of Energy Forecasts: Saudi Aramco Versus International Energy Agency

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Conflict of Energy Forecasts: Saudi Aramco Versus International Energy Agency
Saudi Aramco engineers walk in front of a gas turbine generator during a tour for journalists at the Khurais oil field, outside of Riyadh, Saudi Arabia, on June 28, 2021. Amr Nabil/AP Photo
Rupert Darwall
Updated:
Commentary

Fifty years ago, the economies of the West were reeling from the effects of an oil embargo imposed by 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.

Rupert Darwall
Rupert Darwall
Author
Rupert Darwall is a senior fellow of the RealClear Foundation and author of the books “The Age of Global Warming: A History,” “Green Tyranny: Exposing the Totalitarian Roots of the Climate Industrial Complex,” and “Going Through the Motions: The Industrial Strategy Green Paper.” Darwall also authored the reports “The Climate Noose: Business, Net Zero, and the IPCC’s Anti-Capitalism,” “Capitalism, Socialism and ESG,” “Climate-Risk Disclosure: A Flimsy Pretext for a Green Power Grab,” “The Anti-Development Bank: The World Bank’s Regressive Energy Policies,” and “The Folly of Climate Leadership.”
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