Read the latest insights and analysis from the experts at Oil Change International.
Scientists are warning that “large quantities of fossil fuel reserves and resources are likely to become ‘unburnable’ or stranded if countries around the world implement climate policies effectively". And up to half the world's fossil fuel assets could be stranded by the mid 2030s
Earlier today, John Kerry, who is Joe Biden’s special envoy on climate change, warned the industry that they “don’t want to be sitting there with stranded assets. That fight is useless. You’re going to end up on the wrong side of this battle.”
Despite the warnings for years that we cannot burn new reserves of oil if we want a liveable climate, the West's top nine oil majors alone are sitting on more than 28 billion barrels of oil equivalent of undeveloped resources. Much of this could end up going from being an asset to a liability, just as many predicted.
The oil industry maybe dying, but it will still pollute us for decades after its death.
The once mighty Exxon has just suffered the corporate humiliation of being booted out the highly influential Dow Jones Industrial Index.
As we have been repeatedly saying for months, we are witnessing the end of the oil age. Even once great giants are now crumbling at their core.
A new analysis from Bailoutwatch concludes that "fossil fuel companies participated in the government’s Paycheck Protection Program to bail out small businesses at far higher rates than companies in other key sectors".
"Shell has been a leader in peddling the gas myth for a decade or more, and it’s now clearer than ever that gas is over-supplied, over-hyped, and out of time.”
A report from the financial auditing firm Deloitte says the “reality is that the shale boom peaked without making money for the industry in aggregate. In fact, the US shale industry registered net negative free cash flows of $300 billion, impaired more than $450 billion of invested capital, and saw more than 190 bankruptcies since 2010.”
This is a big moment for Big Oil. Climate reality has finally caught up with BP’s corporate dreamland that it could carry on drilling forever.
