Read the latest insights and analysis from the experts at Oil Change International.
Every day, it seems, brings more bad news for the fossil fuel industry. The week started badly with the news that they US coal giant Arch Coal, which owns the world’s biggest coal-mining complex, was filing for bankruptcy.
It is not a Happy New Year for Big Oil, as the industry faces another daunting year of low oil prices, which could have a catastrophic impact on the US shale industry, amongst others.
There is a temporary reprieve this morning for the oil industry as the oil price has climbed one percent on the news that US drilling has slowed yet again.
The oil cartel, OPEC, has confirmed what has been obvious to many for months: US shale production is in deep, deep trouble as the fracking boom bursts in the face of low oil prices.
The low price is affecting more mature areas of production too and nowhere is that more so than the British North Sea.
Those in the oil industry hoping for a reprieve from the volatility of the oil price had their hopes dashed yesterday as the price of oil dropped to its lowest level in four months.
The front pages of many of this morning’s newspapers reflect the ground-breaking pledge by the Group of Seven industrial powers, known as the G7, to decarbonise the global economy by the end of the century.
There has been increasing speculation over the last twenty-four hours that the oil price might start to rally upwards.
How BP's Outlook for Energy looks to the past not the future
Earlier this month, BP’s beleaguered Chief Executive Bob Dudley warned that the falling oil price had created a “raging gale” for the oil industry which could last for years.
