Read the latest insights and analysis from the experts at Oil Change International.
Warren Mabee, the director of the Institute for Energy and Environmental Policy at Queen’s University, said he "wouldn’t be surprised if Canadian crude prices briefly go negative - a scenario where producers are paying people to take away product.”
For years, Big Oil and Big Coal have carried on drilling and mining as if they were immune from the consequences of their actions. They knew the risks, but ignored them. Now they must pay.
“Rather than planning an orderly decline in production", Big Oil is "doubling down and acting like there is no climate crisis. This presents us with a simple choice: shut them down or face extreme climate disruption.”
Since taking office, the Trump administration has offered close to 378 million acres of public lands and waters for oil and gas leasing, which is more acreage than any other administration in history.
The head of Strategy for BP, Dominic Emery, has admitted that some of the company's oil and gas “won’t see the light of day.”
“The writing is on the wall for oil companies that do not support global efforts to avoid a climate catastrophe by urgently phasing out fossil fuels and transitioning to a low-carbon world."
The beginning of the end of the age of oil moved a step closer today
As the fledgling UK fracking industry bleeds investors’ money in alarming quantities on a daily basis, plagued by ongoing issues of democratic accountability, seismic activity, financial viability and on-going legal challenges, it will find no comfort from looking across the pond.
"The fund management sector recognises the imminent risks posed to fossil fuel investments from climate change and the transition toward a zero-carbon economy”
The environmental group, Friends of the Earth in the Netherlands has announced that it will take Shell to court if the company does not act on “demands to stop its destruction of the climate”.
