Patriotic Energies and Technology Company Ltd needs to buy a “Thank You” card and give it to the Prime Minister for them not being allowed to purchase Petrotrin.
The present price of oil is US$59 per barrel.
The end of oil is near.
The oil industry is dead.
Oil is over.
The future is up to us.
The coronavirus pandemic has gutted demand, resulting in the current surplus, but it merely exacerbated a problem that has been plaguing the oil industry for years: the incessant overproduction of a product that the world is desperately trying to wean itself from, with growing success.
The global oil industry is in a tailspin.
Demand has cratered, prices have collapsed.
Profits are shrinking.
The oil majors, BP, for instance, are taking billions of dollars in losses.
Tens of thousands of jobs have been cut.
Smaller companies are declaring bankruptcy.
The oil industry will never recover from Covid 19.
Even in the short term, fossil fuels are a terrible investment.
It also forestalls the inevitable decline of an industry than can no longer sustain itself.
Whether the pandemic marks the end of oil is up to me.
Oil reached a record high of US$148 a barrel in 2008 which helped spark the Great Recession.
Oil companies do not have the ability to borrow anymore.
The age of oil is coming to a close.
The Stone Age did not end for lack of stone.
The oil age will end long before the world runs out of oil.
Just a gentle reminder, Mr Roget, do not forget the thank you card for Dr Rowley.
AV Rampersad
Princes Town
