People used to worry that the fossil-fuel industry would hit “peak oil” and we’d run out of crude. It now seems far more likely that it’s going to run out of money instead.
Thanks to Covid-19 and the lockdowns, oil-laden tankers swing at anchor outside major ports hoping demand and price will go up to justify offloading their cargo. But long before the pandemic kicked in, the economic future had begun to sour for the petroleum majors, in a way that’s becoming clear as we move into shareholder meeting season this spring.
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