Oil Companies: Is Exploration Even Worth It?

Peak oil is near – not because of oil scarcity, but because demand is slowing. Electric cars are getting cheaper and better, climate polices are getting stronger, and now COVID-19 has accelerated workplace changes that have and will continue to reduce commuting and business travel.

Climate Denial Crock of the Week

As demand for oil craters, grand plans for exploiting exotic and remote areas for oil seem less likely.
The future is beckoning, the writing is on the wall – let’s just drop this and go there..

Bloomberg:

As the coronavirus ravages economies and cripples demand, European oil majors have made some uncomfortable admissions in recent months: oil and gas worth billions of dollars might never be pumped out of the ground.

With the crisis also hastening a global shift to cleaner energy, fossil fuels will likely be cheaper than expected in the coming decades, while emitting the carbon they contain will get more expensive. These two simple assumptions mean that tapping some fields no longer makes economic sense. BP Plc said on Aug. 4 that it would no longer do any exploration in new countries.

The oil industry was already grappling with the energy transition, copious supply and signs of peak…

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8 thoughts on “Oil Companies: Is Exploration Even Worth It?

  1. The problem as I see it is, capitalism pure and simple. It is an exponentially predatory system that can never survive a steady state economy. When it’s profits level off it feels itself dying. It’s innate uncontrollable greed has made it utterly corrupt. It will not matter what energy system the world adopts, if it’s run under capitalism it has already failed. Electric cars are not a panacea replacing oil and their popularity will be short lived. I can think of several reasons why that will be. What should be happening is focus on rapid free transit everywhere, for everyone and no more road building for commuters.

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  2. Pingback: Oil Companies: Is Exploration Even Worth It? — The Most Revolutionary Act | © blogfactory

  3. Yes efficient public transport would be an acceptable alternative.In highly populated areas. But rural and low population areadwellers would need personal transport. Whatever the energy source.
    We need to think and act outside the box. Necessity is the mother of invention.

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  4. Absolutely correct Sha’Tara, perhaps capitalism has had it’s place. We need an economic system change that focuses on re-localising needs and reduced consumption. That means doing with less of what is non essential. We all need to take a serious look at ourselves and the demands we make for these things to happen.I can show you work where the use of fossil fuels should remain a priority.

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