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Energy Squeeze Will Trigger Unrest, Says Blackstone’s Schwarzman

  • Larry Fink says there’s a high probability of oil hitting $100
  • Schwarzman and Fink call more more investment in fossil fuels
Fuel Tanker-Truck Driver Shortage As Summer Demand Rises
Photographer: George Frey/Bloomberg

Blackstone Inc. co-founder Stephen Schwarzman said the world could face energy scarcities so severe they trigger social unrest.

“We’re going to end up with a real shortage of energy,” he said at a conference in Saudi Arabia. “And when you have a shortage it’s just going to cost more and it’s probably going to cost a lot more. And when that happens you’re going to get very unhappy people around the world, in the emerging markets in particular.”