Now things have stabilized, with crude prices hovering around $40 a barrel — down from about $60 at the start of the year.
Consolidation of U.S. shale producers, in particular,"seems inevitable," says Daniel Yergin, vice chairman of IHS Markit and author of the forthcoming"The wild ride and lower prices in the oil market since the coronavirus pandemic began in March has made this even more urgent," he says.Andrew Dittmar, an analyst at Enverus, says mergers and acquisitions activity in the most recent quarter was remarkably low.
"I don't expect just a kind of rampant consolidation, although it probably would be healthy for the industry," she says. Instead, she expects more bankruptcies.There's a much larger uncertainty about the oil industry's future: Successfully fighting climate change would mean a shift away from fossil fuels. Carmakers are going electric and renewable energy is on the rise.
The only ones who will have fossil fuel vehicles available to them under a Biden administration are elite Democrats, Hollywood wealthy. Everyone else will be forced to give up their freedoms. When Joe flies on airplane solar powered as well as Hollywood, get back to us.
If this is what gets us to FINALLY switch to renewable energy, then at least ONE fucking good thing came out of this horrifying shitshow. Not sure it's worth 100k deaths, though.
'Rocked by pandemic' not really, technically 'Cucked by OPEC'
electric cars /trucks/ planes new cities the renaissance the super renaissance has begun
If oil prices are down and trump bought up all the extra barrels. Why has gas prices gone up .60 cents per gallon in the last month?
These companies were too nearsighted and greedy to even entertain the idea that something like this would happen. Now they're watching their profit margins shrink and panicking. How much you want to be they get a bailout to facilitate the change to renewable energy?
Biden will help. 🤣
Could they actually consider using their resources to develop and sell alternatively produced power? What a thought.
GOOD.
Thoughts and prayers, motherfuckers!
$1.95 here....Trump 2020
Good!
Thank god stop it all together. We need to transform
This is great thing. The looming environmental crisis will make the pandemic look like pre-school once it hits. End our oil dependency.
Thank goodness.
Renewable has been the right investment for 50 years now. Oil only has money because institutions don't want to pay the cost of switching. With that initial cost going down as tech improves, oil SHOULD die off in our lifetime (assuming normal supply / demand curves)
Why do we need to pay expensive gas bills for these people to run their companies? It seems that virtually commerce in our nation is predatory and requires that we loss massively so that some can gain massively. Ergo, money is not infinite. to have rich, you must have poor.