Post #9210 by BreckHutHigh on the Berkshire Hathaway board

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"I don't believe the general public has an appreciation for how much inertia the O&G industry has in this economy and that lots of earnings are out there in a transition that might unfold over the next 20-30 years. I expect a future with some diversified energy mix."

Exxon just came out with their global energy outlook. They believe global oil demand will remain flat at 100 MMBD at least until 2050 (26 years from now):

https://finance.yahoo.com/news/exxon-says-oil-gas-...
https://corporate.exxonmobil.com/sustainability-an...

Chris Wright of Liberty Energy in Denver states there has been "no energy transition."
"-Hydrocarbons accounted for 85% of global energy during the Yom Kippur War (1973)."
"-Over the last 50 years, global primary energy consumption has more than doubled (1.6% CAGR)."
"- Hydrocarbons still make up 85% of global energy today"
(Slide 22)
https://enercomdenver.com/wp-content/uploads/2024/...
https://enercomdenver.com/company/liberty-energy/

Both Exxon and Liberty talking their book, but might help to explain Mr Buffett's thinking. Who knows, maybe they're right?

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