It's really not the companies fault for not investing in oil exploration or cap ex to bring large scale drilling projects alive. Companies follow governments lead on stuff like this. If governments are pledging emissions cuts, axing pipelines, toughening EPA standards, etc boards just adjust to whatever the new environment is.

The pace of the pivot to green is what's responsible for this. Renewables should slowly replace fossil fuels. In a orderly and hopefully somewhat economic way.

Green isn't going to replace oil for at least 50 years. We are on pace for a slow and orderly transition. We aren't on pace for a rushed transition by any stretch of the imagination. You are delusional if you think raising mog standards by 2035 is fast.

This post was edited by NetflixAdaptationWidow on May 24 2022 04:29pm

Yes all of those "by 2030" transition plans and pledges were something I must have hallucinated

You're delusional if you think those are fast lol

Mpg goals by next decade... so fast

slow? the climate fanatics in some governments want to replace fuels so quickly that we are literally looking at complete destruction of supply chains, mass famine and poverty in the future

which is probably the plan, because its impossible to be that dumb

of course the oil producers dont drill a lot, they need to keep the price up

its funny that we have had much higher oil prices, but significantly cheaper fuel in the past.....governments fucking up again

This post was edited by JohnnyMcCoy on May 24 2022 04:34pm

Dawg it's not even just MPG goals, it's things like completely stopping to sell gasoline powered vehicles and only sell EV's. That's just one of the many types of pledges and goals. If I'm the CEO of Exxon I'm not looking to go spend tens of millions on exploring and developing oil fields, but rather I see the winds of change and I'm starting to transition and invest in other forms of revenue streams that are viable beyond just the next 5-10 years.

This post was edited by ofthevoid on May 24 2022 04:37pm

There are tons of applications where renewables will not be able to replace oil or natural gas for the forseeable future. Also, demanding that fossils have a share of zero within the energy mix of the future is very much a political decision, not an economic inevitability.

So yes, the political environment does play a role in the oil producers' long-term outlook and no, the world will not move on from fossils within the timeframe (10-15 years) it would take for current drilling project to pay back.



The recovery of the global economy from the covid crisis started in the spring of 2021, more than 12 months ago. Also, OPEC is deliberately not ramping up production because they enjoy the leverage they currently have. Too bad the man in the White House is someone whose phone calls aren't even picked up in Riyadh or Dubai, while his predecessor had a great working relationship with Saudi Arabia and helped them negotiate historic peace treaties.

Dunno you here to spread your internet photos? Lol