The Economist Is it the end of the oil age?

From: The Economist - Thursday Sep 17, 2020 06:41 pm

The Economist

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September 17TH 2020

The Economist this week

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Oil fuelled the 20th century—its cars, its wars, its economy and its geopolitics. Now the world is in the midst of an energy shock that is speeding up the shift to a new order. As covid-19 struck the global economy earlier this year, demand for oil dropped by more than a fifth and prices collapsed. There have been oil slumps before, but this one is different. As the public, governments and investors wake up to climate change, the clean-energy industry is gaining momentum. The 21st-century energy system promises to be better than the oil age—better for human health, more politically stable and less economically volatile. However, getting there involves big risks. The transition could add to political and economic instability in petrostates and concentrate control of the green-supply chain in China. Even more dangerous, it could happen too slowly.

Zanny Minton Beddoes
Editor-In-Chief

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The world this week

Thailand became the first South-East Asian country to loosen tourism restrictions introduced during the pandemic. Visitors who agree to a 14-day quarantine and a minimum stay will be allowed to enter. Malaysia’s prime minister, by contrast, said he would tighten controls at borders. Singapore will give all adult residents vouchers worth S$100 ($73) to spend at local hotels and sights.

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More from politics this week

The Federal Reserve announced it will keep interest rates pinned near zero. In a policy statement, the central bank also said it would keep them there until inflation is on track to “moderately exceed” its target of 2% “for some time”. Jay Powell, the chairman of the Fed, commented that America’s economic recovery is expected to slow and that the economy will require continued support from the central bank as well as from extra government spending.

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