Mark Mills on the Roaring 20s: AI, Energy, and the Next Commodity Boom | Financial Sense

Jim Puplava interviews Mark Mills, Executive Director of the National Center for Energy Analytics, challenging the mainstream narrative of an "inevitable energy transition" and exploring what's really driving future energy demands.

Mills argues there has never been a true energy transition in human history—instead, new energy sources are added to existing ones rather than replacing them. Despite decades of investment in renewables, hydrocarbons still supply about 80% of global energy. The conversation explores how explosive growth in AI and data centers is creating massive new electricity demands that will primarily be met by natural gas, while reshoring manufacturing will drive unprecedented demand for raw materials like copper, creating significant supply constraints.

• Energy mix is broadening, not transitioning, with traditional fossil fuels remaining dominant and growing in absolute terms
• AI and data center boom will require Japan-scale electricity demand increases, primarily supplied by natural gas and some coal
• Commodity shortages are emerging, particularly copper deficits of 6.5 million tons annually by 2030, creating investment opportunities
• Mining automation and regulatory changes could trigger a commodity supercycle lasting a decade, with natural resource companies currently undervalued