There has been a lot of talk about a “Green New Deal” that will rapidly phase out the use of all fossil fuels. As an investor who has long experience in the energy field, let me say that it is not practical for us to live in a world without fossil fuels for seven reasons.

First, fossil fuels (oil, natural gas, and coal) account for nearly 85% of the world’s energy consumption. Renewable energy, such as wind and solar, while growing rapidly, only comprises about 5% of the world’s energy supply, based on data from the BP Statistical Review of World Energy June 2020. Cries for eliminating fossil fuels are akin to prescribing medicine that cures an illness but kills the patient. By the way, most medicines, such as aspirin, use oil and natural gas-based petrochemicals in their manufacture.