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Yo_Mama_Been_Loggin

(107,063 posts)
Sun Aug 9, 2020, 03:07 PM Aug 2020

Does BP's conversion signal the end of Big Oil?

The plunge in oil demand caused by the pandemic won't fix the climate crisis. But it could force the oil industry to accelerate a shift away from fossil fuels as executives try to carve out a future in clean energy.

What's happening: UBS analysts estimate that earnings in the sector were down 172% on average last quarter compared to the same period a year ago. That puts pressure on producers to make big strategy moves that companies have long resisted.

See here: BP said last week that it would slash oil and gas production and pour billions of dollars into clean energy, speeding up a transition it teased earlier this year.

The company said it now expects demand for fossil fuels to fall by 75% over the next 30 years if the increase in global temperatures is limited to 1.5 degrees Celsius, or by 50% if warming is less than 2 degrees.

https://www.msn.com/en-us/money/markets/does-bp-s-conversion-signal-the-end-of-big-oil/ar-BB17KOyJ?li=BBnbfcN&ocid=DELLDHP

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Does BP's conversion signal the end of Big Oil? (Original Post) Yo_Mama_Been_Loggin Aug 2020 OP
Why is gas still so high in Ca? demosincebirth Aug 2020 #1
Duh! It took the pandemic for energy companies to see that... brush Aug 2020 #2

brush

(53,467 posts)
2. Duh! It took the pandemic for energy companies to see that...
Sun Aug 9, 2020, 04:03 PM
Aug 2020

they, of all people, energy companies, should invest in renewable energy sources—just in case burning fossil fuels runs out or first makes the planet unlivable.

God!

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