European stock markets have opened in the red, hit by the slump in the US oil price below zero last night. Britain’s FTSE 100 index has shed 80 points, or nearly 1.4%. Oil giants are leading the rout, with BP and Royal Dutch Shell both down over 4%. With US producers paying to give supplies away right now, amid an unprecedented glut in crude supplies, demand for energy is clearly weak -- despite Donald Trump claiming it’s a short-term problem.
The decline of oil is long overdue. Let's hope this is a mortal wound to the industry that festers and kills it.
I wonder what has changed, to cause this.
Every Government agrees the world needs to move away from fossil fuels. Now we have a perfect opportunity to accelerate this transition. It's a win-win situation.