The world is entering — indeed, much of it has already entered — a massive energy crunch. Coal, natural gas, oil and gasoline prices have all spiked in countries around the globe. If this winter is severe, prices could well rise much further.

Very soon, fossil-fuel companies, their investors and other political opportunists will be talking about why this crisis proves how economically painful the decarbonization transition will be, how much political blowback it will cause and why we should double-down on fossil fuels.

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