Abstract
A September article in Power Magazine announced a study released by Oxford University that in effect stated if the world completely transitioned away from oil and natural gas to renewables—primarily wind power, solar power, and battery storage—energy costs could be reduced by $12 trillion. The study was based on various assumptions as to the future pricing of oil and natural gas, along with the premise that the costs of wind, solar, and energy storage batteries are dropping rapidly and will continue to do so. This type of study is consistent with aspirational policy and regulatory goals such as those of the Biden Administration, and consistent with the various infusions of financial support contained within the Inflation Reduction Act (IRA). The assumptions employed in the Oxford study can certainly be analyzed and no doubt refuted by advocates of a more balanced energy mix future that includes oil and natural gas in large volumes, and it is not that difficult to do. However, there are a few fundamental issues with the tone and the trumpeting of studies such as the Oxford study that are not helpful.
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