As pressure grows on governments to take action to combat climate change, demand for fossil fuels is likely to drop, which could result in prices remaining depressed for longer than the industry anticipates — perhaps forever
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Speaking for the many of us (and the many yet to come) folks in transition:
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it is tough to go to another field "energy" as the folks hiring fully expect us to go back to E&P when things get better
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the oil industry should help those in transition (and themselves) by engaging with Obama on the $10 tax on oil consumption
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engaging Obama gives us say in how the money for infrastructure will be spent and who can profit from it
Saudi has oil to export for 60 yrs. But they know oil business will end before 30 yrs, or much earlier. So they are pumping at any price now, and will keep doing that to the end.
The what is correct. They why may or may not be correct.
If Texas were a country, it would rank No. 6 globally for installed wind energy capacity...
Stop focusing on oil and gas and focus on energy.
... but all it takes is for a couple of well placed cruise missiles from the Russian black sea fleet to hit Saudi oil infastructure and we are all off to the races again.
Peak demand for oil (rather than peak supply) is an accepted reality to be for those in the know. Saudi's oil glut was as much to increase market share as it was to stimulate demand and push out the peak. Obama's tax proposal targeting US consumers is all about pushing forward peak demand.
The China super cycle is coming to an end and oil demand has not been stimulated as much as hoped so we are getting near - next five years?
Once we get to peak demand we won't have the 1.2 to 1.6MMbopd/yr demand growth. New peojects will replace declining production only. We have no shortage of oil - at this point the value of having oil in the ground and keeping it for future generations is pointless. The low cost producers will produce their oil ...
The best action for Saudi and the Gulf States at this pount is to maintain their current stance and keep the low prices through to the fall or next year. This will ensure that their oil is produced and will destroy non Gulf production and services.
you clearly are stupid and a dumbass. Please wear a helmet when you leave the house.