Will COVID-19 Seal Big Oil’s Fate?

The sun sets behind an idle pump jack near Karnes City, Texas, April 8, 2020 (AP photo by Eric Gay).
The sun sets behind an idle pump jack near Karnes City, Texas, April 8, 2020 (AP photo by Eric Gay).

The year 2020 may well mark the tipping point for the oil and gas industry. Amid a global pandemic that has slashed oil demand by some 8 million barrels per day, the governments of key countries—China, Japan, South Korea, South Africa and others—have announced that they aim to reach net-zero emissions by the middle of the century. After President-elect Joe Biden takes office in January, he will likely add the United States to the list, and when he does, net-zero targets will apply to more than three-fifths of global CO2 emissions. It seems that the world is about to double […]

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