The oil market may have heaved itself out of the darkness of “Black April” but investors are far from convinced that major oil companies will walk away unscathed from the coronavirus pandemic.
'Your old road is rapidly agin’ Please get out of the new one if you can’t lend your hand For the times they are a-changin’'
Good. Oil can get in the bin.
Solar, wind, wave and tidal power are becoming more advanced and cheaper and storage is improving too. We'd have got here sooner if it hadn't been for industrial sabotage by the big oil companies. If they're not quick to cotton on they will disappear and they will not be missed.
What if we start getting global cooling?
A number of countries (and manufacturers) are rapidly moving away from fossil fuel for cars. Will change the landscape in 20 years. Given the length of oil industry investment cycles that’s tomorrow. The industry has far bigger existential issues than COVID.
They’ll start building windmills and solar farms and before you know it, they’ll own the energy game all over again.
This is a great time to get off fossil fuels, especially coal and oil. Solar is the cheapest source of energy now. Battery tech is getting much better and using less valuable materials. So, the investors are almost certainly right to think there will be no bright future for oil.
Oh, what a shame.
Follow me and I will return the favor
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