| Dear Reader, It’s now abundantly clear that the whole world isn’t dancing to the ‘net zero’ tune. While Western governments fall over each other to signal their green virtue, countries in the developing world are using MORE oil. Demand in 2023, according to the IEA, is at an all-time high. Aren’t we all supposed to be cutting back on energy usage? Isn’t that why we’re being asked to give up our gas stoves and our V8 trucks? Well, someone forgot to tell China. China is importing more oil than ever...it’s even coming from the US — it’s biggest economic and military competitor! The Chinese are importing record volumes of coal too. Guess where most of that is coming from? Australia. What’s going on here? This presentation provides some interesting explanations. But whatever’s happening at the geopolitical level, the markets have already figured out which way the wind is blowing. Oil and gas stocks have been massively outperforming the broad market index since the beginning of 2022 — by as much as eight to one. Major funds and wealth managers that previously boasted about their ‘ESG’ credentials have been loading up on fossil fuel stocks like there’s no tomorrow. And Warren Buffett just dropped $123 million on Occidental Petroleum shares. Even though they may not admit net zero is doomed...what they’re doing with their money tells you everything you need to know. Betting on an energy U-turn may not be fashionable or popular right now. But my goodness it could be a smart move... Read our investment case here: NOT Zero. Sincerely, James Woodburn,
Publisher, The Daily Reckoning Australia | 
