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Blackstone Inc. co-founder Stephen Schwarzman said the world is facing energy shortages so severe they could cause 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.”

His comments were echoed by Larry Fink, who said there’s a high probability of oil soon reaching US$100 a barrel, especially with many governments and investors pushing back against investments in fossil fuels.

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