Energy Sanity: Two steps forward and one step back

A few signs of energy sanity emerged this week, but more progress needs to be made

While much economic damage has been inflicted on the U.S. and the world by the forced and unrealistic “energy transition” to replace fossil fuels with renewables, some energy sanity emerged this week.

Two steps forward:  California saves Diablo Canyon, and the UK repeals its anti-fracking laws

In a surprising move, California decided to keep its only remaining nuclear power plant running.  The state was on a self-imposed schedule to shut down the nuclear power facility, Diablo Canyon, in 2025, but when faced with massive blackouts this summer, the state decided to leave the plant online.  Perhaps the Governor and the state legislators finally believed reports that Diablo Canyon could mitigate strain on the California electric grid, according to an MIT/Stanford University study. Steven Chu and Ernest Moniz, both of whom served as secretary of energy under President Obama, came out in support of this study which concluded that keeping Diablo open through 2035 could save the state $2.6 billion in power grid costs and reduce power-sector carbon emissions by 10 percent below 2017 levels.

A key figure in keeping Diablo Canyon running is Michael Shellenberger, who writes on Substack. Diablo Canyon would likely have already been mothballed without Michael’s efforts.

In another surprising move this week, the new Prime Minister of Great Britain, Liz Truss, hit the ground running by announcing the repeal of the UK’s anti-fracking laws, which have prevented the country from developing its oil and gas shale deposits. While it will take time to restart drilling and producing oil and gas, the move signals that the UK is serious about the dire energy situation it is facing along with the rest of Europe.

At least the British government is starting to take control of their energy security when confronted with the possibility of their citizens freezing to death this winter due to natural gas shortages caused by Russia shutting down the Nord Stream 1 and 2 pipelines.

One step back:  Yellen vows to ‘rid’ U.S. from dependence on fossil fuels

The “one step back” came from our Ph.D. economist/past Federal Reserve Chairman/current Secretary of the Treasury, Janet Yellen, who said: “We will rid ourselves from (sic) our current dependence on fossil fuels.” “Our plan — powered by the Inflation Reduction Act — represents the largest investment in fighting climate change in our country’s history. It will put us well on our way toward a future where we depend on the wind, sun, and other clean sources for our energy.” 

Ms. Yellen has the luxury of repeating these political points about climate change caused by fossil fuels because U.S. citizens will not freeze to death this winter due to a lack of fossil fuel heat, as the Brits and Europeans are preparing for.  This is because we developed our fossil fuel resources and became the world’s largest producer of crude oil and natural gas.   I’m guessing Ms. Yellen would have a different message if the U.S. faced the same dire prospect this winter as the UK and most of Europe.

This progress is a small start toward recognizing that fossil fuels and nuclear power cannot be replaced with sunshine and breezes.  As Alex Epstein points out in his new book, Fossil Future: Why Global Human Flourishing Requires More Oil, Coal, and Natural Gas—Not less, and on the Power Hungry Podcast, climate-related disaster deaths have plummeted (page 47), and humans have flourished (page 118) due to increased fossil fuel use.

The world is a much better place because of fossil fuels, and it is time to recognize that fact and stop pretending that fossil fuels can be replaced any time soon.