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Tuesday, February 11th, 2020

There’s more oil and gas than ever — and the industry is tanking

Author:     Amy Harder
Source:     Axios
Publication Date:     10 February 2020
 Link: There’s more oil and gas than ever — and the industry is tanking
Stephan:   As I predicted, the dying process of the petroleum industry is underway. Here is an early datapoint on that trend.

Illustration: Eniola Odetunde/Axios

The world’s oil and natural gas companies are drilling their way into financial and social hell.

Driving the news: The industry’s stocks are in the toilet, and climate change is fast becoming a mainstream investor worry. These problems overlap and neither is going away any time soon — if ever.

Why it matters: We all use products from oil and natural gas, those products are heating up the Earth, and many of us probably own (perhaps unwittingly) stock in these companies. The financial and social standing of these companies will somehow affect us all, whether we hate or love them.

The intrigue: CNBC’s Jim Cramer raised eyebrows by saying recently that he was “done” with fossil fuels and likened them to tobacco. […]

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2 Comments

  1. Rev. Dean on Tuesday, February 11, 2020 at 12:48 pm

    I noticed the prices are going down, thank God.

  2. Linda Andersson on Tuesday, February 11, 2020 at 1:54 pm

    Odd that our government is paying between $80 and $120 per gallon of gas for vehicles used in our wars, and yet Big Oil is crying about losses. . . . .