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Some of the world’s best known oil companies, including Shell, BP, Statoil and Total, face the humiliation of having a ratings downgrade, the internationally respected ratings agency, Moodys, has warned.
So the slide continues with no end in sight. As expected this morning, the oil price has fallen below $28 a barrel on the back of the historic news over the weekend of sanctions being lifted on Iran.
Well we will have to wait for another day and another trial for an American jury to rule on the “necessity defence” for direct action to prevent climate change.
History will be made later today in an unassuming grey court room in Snohomish county in Washington State, when five activists – known as the Delta 5 - who blocked an explosive crude by rail train last year, will argue that their actions were justified by the threat of climate change.
The US shale revolution is slowly grinding to a halt as the continuing low oil price takes its toll on the viability of fracking in the country.
President Obama yesterday unveiled what is the centre piece of his climate legacy, as his long awaited Clean Power Plan was outlined in a ceremony at the White House.
Last week, a new peer-reviewed study was published by the University of Texas at Arlington which found toxic chemicals in over two-thirds of drinking wells near fracking sites.
A year on from the start of one of the biggest oil price plunges in recent history, it seems there is going to be no let-up in the turbulence caused by the oil price fluctuations.
It was billed as the biggest anti-tar sands march the American Midwest has ever seen. And they came in their thousands to St. Paul in Minnesota on Saturday.
The global oil price rose slightly this morning on the back of the news from the US government that US shale oil output is expected to fall for the first time in four years.
