OPEC remain optimistic about the future of fossil fuels

Sage like words from Ambrose Evans Pritchard in yesterday’s Telegraph. OPEC’s optimism is at odds with the way the automotive world is changing. We imagine dealers in horses were similarly bullish when confronted with Mr Daimler’s first automobile.

Read about it at the Telegraph.

We think that the fifty year death throes predicted for the internal combustion engine is overly optimistic; the wave of capital and R&D focus already being directed at electric car and battery development is irresistible.  The Saudis and other Gulf oil producing states should be working out how to turn all that desert into a productive source of solar energy to power all those new cars in Africa.