It’s a good day when the oped page of the Financial Times is talking about the death of Big Oil.
The slow death of Big Oil
Goldman Sachs predicts spending on #renewables will outstrip #oil & #gas E&P for 1st time next year. Shift being driven by a widening gap in the cost of capital, with rates of up to 20% for O&G investments, compared with 3% to 5% for renewables
The slow death of Big Oil via The slow death of Big Oil The industry must reinvent itself to survive in a low-carbon era
Shot across the bow from the editorial board: "Big Oil has to reinvent itself if it wants to survive in a low-carbon world. "
Coincidentally, it comes just after an FT editorial declared "The slow death of Big Oil". If private oil majors are planning to cut production, how can petrostates ignore the writing on the wall?