“If you try and raise money to drill holes, it’s almost impossible to get that money,” he said.
That, according to Schwarzman, has made it hard for the industry to invest in new wells and other sources of capacity. So-called environmental, social and corporate governance investing principles have spurred investment giants to divest their holdings in oil and gas companies. is driving a credit crunch for oil and gas companies, Schwarzman and others say. oil prices hit $85 a barrel this week, a seven-year high.) Speaking at the Future Investment Initiative conference in Saudi Arabia, he warned that an energy shortage could lead to “real unrest” across the world - and put forward a provocative culprit.Ī focus on E.S.G. Steve Schwarzman, Blackstone’s billionaire co-founder, became the latest financier to sound the alarm about an energy crunch. Are do-gooders driving the energy shortage?
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