“This time is different” may be the most dangerous words in business: billions of dollars have been lost betting that history won’t repeat itself. And yet now, in the oil world, it looks like this time really will be.
“This time is different” may be the most dangerous words in business: billions of dollars have been lost betting that history won’t repeat itself. And yet now, in the oil world, it looks like this time really will be. For the first time in decades, oil companies aren’t rushing to increase production to chase rising oil prices as Brent crude approaches $70. Even in the Permian, the prolific shale basin at the center of the U.S. energy boom, drillers are resisting their traditional boom-and-bust cycle of spending. The oil industry is on the ropes, constrained by Wall Street investors demanding that companies spend less on drilling and instead return more money to shareholders, and climate change activists pushing against fossil fuels. Exxon Mobil Corp. is paradigmatic of the trend, after its humiliating defeat at the hands of a tiny activist elbowing itself onto the board.
For the first time in decades, oil companies aren’t rushing to increase production to chase rising oil prices as Brent crude approaches $70. Even in the Permian, the prolific shale basin at the center of the U.S. energy boom, drillers are resisting their traditional boom-and-bust cycle of spending.
Print this article
Subscribe today to the
Washington Examiner magazine and get Washington Briefing: politics and policy stories that will keep you up to date with what s going on in Washington. SUBSCRIBE NOW: Just $1.00 an issue!
REVOLT AT BIG OIL: Don’t get it twisted. Big Oil’s day of reckoning was a pick your superlative historical moment. But it remains to be seen whether the success of climate activism in forcing large oil and gas companies to diversify and move faster off fossil fuels will actually lead to meaningful emissions reductions.
First, to recap yesterday’s events: ExxonMobil is essentially being
More and more people are reaching out to FOX 17 about how to navigate the backlogged system, especially ahead of Memorial Day, and the late fees associated with those whose registrations have expired.