At a casual glance, you could be forgiven for thinking that fossil fuels are here to stay for a long time yet, although not everything on the horizon is rosy. The world, admittedly, is awash with surplus oil. The use of coal is in sharp decline. The price of gas – in recent years the fuel of choice for an increasing number of power plants around the globe – is falling. The fossil fuel industry – the main driver behind the growing climate crisis – is undoubtedly going through one of its worst times in decades. The Covid 19 pandemic has resulted in a severe downturn in the global economy and a sharp drop in demand for energy. But the fossil fuel industry’s problems, many of them of its own making, were evident well before Covid swept the globe. At the centre of the sector’s difficulties is over-production, particularly of oil.
Climate News Network 20th May 2020 read more »
Will the oil industry recover from the Covid-19 crisis? The challenges facing the industry, to name a few, include: plunging profits, record-low oil demand, and how to promote a green economic recovery in the wake of the virus. Bernard Looney, BP’s new chief executive went as far as to say it’s possible the world may have already passed the point of “peak oil” demand. The renewable sector has fared better, but it hasn’t been completely spared either. US clean energy jobs were slashed in April, according to an industry group report, as unemployment soared.
FT 21st May 2020 read more »