Europe’s largest oil companies are banding together to forge a joint strategy on climate-change policy, alarmed they’ll be ignored as the world works toward a historic deal limiting greenhouse gases. Royal Dutch Shell Plc, Total SA, BP Plc, Statoil ASA and Eni SpA are among oil companies that plan to start a new industry body,
Anglo-Dutch company’s search for resources in the Arctic is a sign that the world is running out of options for new oil reserves In his critically acclaimed 2005 book ‘Twilight in the Desert’, the prominent oil economist Matthew R. Simmons predicted that Saudi Arabia’s oil wells would soon run dry. His argument was based on
More than 8% of fuel used by the transportation sector came from non-petroleum sources in 2014 The transportation sector is moving away from oil slowly but surely. Driven by growth in the use of biofuels and natural gas, non-petroleum energy now makes up the highest percentage of total fuel consumption for transport since 1954, according
‘Shocking’ revelation finds $5.3tn subsidy estimate for 2015 is greater than the total health spending of all the world’s governments Fossil fuel companies are benefitting from global subsidies of $5.3tn (£3.4tn) a year, equivalent to $10m a minute every day, according to a startling new estimate by the International Monetary Fund. The IMF calls the
A world without crude oil is almost unthinkable. And yet, there are indications that such a transition is happening. OPEC is jockeying for market share. Russia is increasing production and US tight oil producers as well as their Canadian oil sands counterparts have found themselves priced out of the market. So what is going on?
HOUSTON—Stating that any damage would be limited to just a handful of species that somehow managed to survive that long, officials from the Shell Oil Company assured the public Wednesday that most of the Arctic wildlife living near their proposed drilling site will be extinct well before their next oil spill. “After conducting several environmental
Among the biggest stories of 2014 was the crash in global oil prices. Just when it looked like the world had started to take $100/barrel oil for granted, prices plunged by 50 percent. Some speculated that lower oil prices would translate into reduced consumer enthusiasm for electric vehicles (EVs). Now that we have EV sales
It’s not uncommon for media commenters to look at electric-car sales numbers, only to conclude that the segment is teetering on the brink of death. Electric cars will never become mainstream, they argue, because of fickle consumers who base their-car purchases on what the price of gas happens to be the moment they walk into
I have very bad news about oil prices. In the foreseeable future (12 months), their most likely trajectory is… volatile. That is right, bullish and bearish oil price narratives will be proven to be unsatisfactory and overly simplistic. The best bet would be to invest in volatility plays. What explains this heightened volatility in oil
Oil prices are heading higher and could soon return to $100 per barrel as war in the Middle East and speculators drive market It wouldn’t be the first time that oil experts have got it spectacularly wrong when predicting the price of crude. Goldman Sachs went against the prevailing mood in 2008 when it famously
