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Opinion: Oil sector revival has producers eyeing boom times
13 Mar, 2021 09:33 PM
5 minutes to read
Dislodging oil from the economy may be harder and take longer than many people hoped. Photo / AP
Dislodging oil from the economy may be harder and take longer than many people hoped. Photo / AP
Financial Times
OPINION: If you thought coronavirus had hobbled the oil industry for good, think again. Just a year after a Saudi-Russian price war and the coronavirus pandemic triggered the worst oil crash in decades, a stunning reversal is under way.
It calls to mind the bumper sticker said to adorn half-tons from Texas to Alberta: Please God, give me one more oil boom, I promise not to piss it all away next time.
The smartest insight and analysis, from all perspectives, rounded up from around the web:
Oil companies are under pressure from governments looking to curb greenhouse gases, investors seeking better returns, and others simultaneously wanting both, said Paul Takahashi at the
Houston Chronicle. Last year was the worst on record for the biggest six or seven companies collectively known as Big Oil. Last week, Exxon Mobil, BP, and Shell reported losses for the year of $22.4 billion, $20.3 billion, and $21.7 billion, respectively, as they grappled with a historic oil crash wrought by the global pandemic, and the future looks far from certain. President Biden has made reversing climate change a tentpole issue, while General Motors announced recently it will phase out gas-powered cars by 2035. Even Exxon and Chevron, which have been slower to acknowledge the energy transition than rivals, are now facing mounting pressure from investors to change course. But some in the business