Oil’s Creeping Crash

Climate Denial Crock of the Week

New videos will focus on the catastrophic effect of the Corona Crisis on the fossil fuel industry.
I’ve posted recently about recent write-downs of oil and gas assets by BP and Shell. The Wall Street Journal reported that the moves signal vast parts of corporate oil reserves may be “left in the ground.”
Things were already bleak in the oil, gas and coal space before the pandemic, now the industry tries to find rays of hope as the walls keep closing in…

CBC:

French energy giant Total says it is writing off $9.3-billion worth of oilsands assets in Alberta and cancelling its membership in the Calgary-based Canadian Association of Petroleum Producers.

Total now considers oil reserves with high production costs that are to be produced more than 20 years in the future to be “stranded” given its carbon reduction targets and because the resource may not be produced by 2050…

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