(Bloomberg) -- John Arnold, the billionaire philanthropist who made his fortune betting on natural gas prices, says the energy crisis in Europe should serve as a cautionary tale for the U.S. about transitioning away from fossil fuels too quickly.
Europe's gas crunch is a warning that the U.S. must ensure a smooth transition to reasonably priced, carbon-free energy, Arnold said last week on Twitter. He added that efforts by some to “kill” the oil and gas industry will result in price spikes that risk alienating voters who otherwise support efforts to address climate change.
“It will be easy to place blame on government policies if consumer energy prices spike,” wrote Arnold, who founded hedge fund Centaurus Capital LP and was a gas trader at Enron Corp. “Opponents will scream from the rooftops that decarbonization actions caused the price rise, whether true or not.”
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