There is no substitute for fossil fuels

The continued bombing of Iran by the US and Israel has adversely affected oil and gas prices.

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There is no problem when it comes to the oil and gas supply; the problem is in their delivery and export from the Middle East to Asia, Europe, and the rest of the world.

It is often argued by the climate establishment that the world's oil, gas, and coal prices should become more expensive via the imposition of carbon, excise, and other related taxes since then people and countries will be forced to use more solar, wind, and other sources of renewable power.

Now that hydrocarbon prices are high, businesses and energy companies are supposed to run towards more investments in and use of more solar and wind power, but this is not happening. Companies instead turn to coal to keep the lights and air conditioning on.

From Feb. 27, or day before the bombing of Iran, to March 6 or after seven days of war, crude oil (WTI, Brent, Dubai, Urals) prices have gone up from 16% to 54%. Natural gas prices have a wider range of increases, with US natural gas increasing by 12% while Europe's TTF gas increased by 67%.

Meanwhile, solar-wind energy indices declined by 3-4% - they did not increase as expected.

Even the nuclear index declined by 11%. It was the price of coal that experienced an increase of 16% (see Table 1).