BP drops a cluster bomb on Big Oil
Bernard Looney's decision to reinvent BP as a green energy giant will save the FTSE 100 firm from a death spiral
Read the lede of this story on BP's decision to cut oil production, from the conservative London Telegraph "With a single stroke of the pen, BP has written the obituary of the global petroleum industry."
"BP has written the obituary of the global petroleum industry. [BP] has confirmed what the technology fraternity has been saying for 5 years....that world oil demand has peaked forever near 100m barrels a day and will soon go into precipitous decline"
"BP drops a cluster bomb on big oil" In the Telegraph, no less. "We are in a global arms race for green technology" and so on.
Here is my history of the 30 years it took for a survival reflex to kick in at BP:
Read Ambrose Evans-Pritchard's op-ed on BP in today's Telegraph Business section here...