Stephen Schwarzman, Blackstone CEO, stated that the energy crisis is so severe that it could lead to a lot more unhappiness as well as social unrest.
After rising 75% year to date, benchmark US oil futures are now at $85 per barrel
Larry Fink, CEO of BlackRock, stated that oil could reach $100 per barrel.
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According to Blackstone's CEO, the global energy crisis could lead to social unrest.
Stephen Schwarzman spoke at the Future Investment Initiative conference held in Saudi Arabia.
Schwarzman is also the co-founder of the investment company. He stated that there will be a shortage of energy. According to Bloomberg and CNN, a shortage will only lead to higher prices and likely cost even more.
He said that if this happens, "you're likely to get very unhappy persons around the world," especially in emerging markets.
Due to a demand recovery as well as an energy supply crunch, oil prices have risen this year.
Benchmark US crude oil futures are up 75%, or around $85 per barrel, year-to-date. They could gain more, driving up energy prices downstream.
Larry Fink, CEO of BlackRock, was also a speaker at the conference. BlackRock is the largest asset manager in the world. Bloomberg reported that Fink told the conference audience that there was a good chance that oil prices will reach $100 per barrel.
He said, "Inflation, it is a new system." There are structural reasons. The short-term environmentalism policy, which restricts the supply of hydrocarbons, has led to energy inflation. We will continue to live with it for some time.
"We are not looking for long-term solutions. Fink said that we are not trying to make the world better on a micro level. Fink said, "We have visions that we could move from a brown world to a green one, and we could wake tomorrow and see it happen."
