New Video: Is Corona Virus Killing Fossil Fuels?

August 19, 2020

First of two vids, after a lot of interviews with some well informed people.
Is Corona Virus going to expedite the inevitable end of fossil fuels?

Oil Price:

Booms and bust cycles are very much a part of investing in the fossil fuel sector. In previous energy downturns, prices frequently experienced serious slumps, but oil and gas companies mostly kept faith in their biggest asset: Oil and gas reserves buried deep in the groundBut things are markedly different this time around. 

Faced with pandemic-driven demand destruction and a relentless call for climate-conscious and ethical investing, oil executives are resigning themselves to the uncomfortable fact that a significant amount of their vast oil and gas reserves will end up totally worthless.

So much so, that’s it may hardly be worth it to entertain new exploration at this point. And “discovery” news these days doesn’t tempt investors like it once did. 

You know things have truly gone to the dogs when the likes of BP Plc.(NYSE:BP)– a company that doubled down on its aggressive drilling right after the historic 2015 UN Climate Change Agreement--finally gave in saying “..concerns about carbon emissions and climate change mean that it is increasingly unlikely that the world’s reserves of oil will ever be exhausted.” BP has announced one of the largest asset writedowns of any oil major this year after slashing up to $17.5 billion off the value of its assets and conceded that it “expects the pandemic to hasten the shift away from fossil fuels.”

2 Responses to “New Video: Is Corona Virus Killing Fossil Fuels?”

  1. talies Says:

    3 out of my 4 great-grandfathers were killed in coal mines in South Wales, and there is traditional support which sees the miners as heroes of the industrial revolution, especially politically (National Health Service). But people here have long been ready to embrace change.

  2. rhymeswithgoalie Says:

    One of the suggested videos after this one was (from Aug 2019) “Renewable Energy is the Scam We All Fell For”, with the image of burnt-up wind turbine nacelle.

    I didn’t bother to watch because I’ve seen enough gleefully recorded footage of wind turbine failures (some of which look like they were prototypes being tested). In none of those burnt or fallen wind turbine clips did I see people rushing out in hazmat suits to protect the people from the destroyed equipment, nor seeing major ecosystems being poisoned from all the “spilled” wind on shorelines or rushing down valleys.

    Of course it is possible that a tower may at some time in the future fall or catch fire with a maintenance worker on it, but that cannot compare to the death and disability from rigs, mines, refineries, ash ponds and daily inhalation of combustion products that rarely make the news unless there is a spectacle that can draw clicks.

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