The coronavirus pandemic is altering the long-term future of oil, but global thirst for the fuel will nonetheless remain large for decades, the International Energy Agency said a sprawling new report released Tuesday.
Why it matters: Its the IEA's deepest effort yet to game out how COVID-19 is changing the future of oil, and energy systems overall in the years ahead.
BP CEO Bernard Looney is leading the biggest transformation in the oil industry’s 160-year history, but he's staying quiet on the thorniest part: the politics.
Driving the news: In our recent interview for “Axios on HBO,” Looney made a scripted case for BP’s big plan to pivot to renewable energy and survive — and even thrive — while doing it.
Oil prices can't seem to reach escape velocity, spelling more pain for producers as the COVID-19 pandemic continues to weigh on demand.
Why it matters: The chart above provides a glimpse at why prices remain too low to pull the U.S. sector — which is seeing rising bankruptcies — out of jeopardy.
Image courtesy of Hyzon Motors
The huge multinational oil-and-gas company Total SE is investing in the hydrogen fuel cell truck and bus startup Hyzon Motors, the companies announced this morning.
Why it matters: It's the latest sign of increasing interest in hydrogen-powered heavy vehicles amid moves by startups and legacy automakers alike. It also shows how European-headquartered oil giants are boosting their alternative energy portfolios, even though hydrocarbons remain their dominant business lines.
Illustration: Aïda Amer/Axios
Activists say they'll deliver on Friday signatures from more than 600 law students pledging to boycott the firm Paul, Weiss, Rifkind, Wharton & Garrison unless it ditches Exxon as a client.
Why it matters: It signals the evolving tactics of climate advocates. Another example of the widening scope are campaigns in recent years to pressure tech giants over their emissions and work with oil companies.
Photo: Budrul Chukrut/SOPA Images/LightRocket via Getty Images
ExxonMobil is planning to shed up to 1,600 jobs in Europe by the end of next year as it looks to cut costs, the oil-and-gas giant said Monday.
Why it matters: It shows how the pandemic, which has battered prices and cut oil demand, is affecting the world's most powerful energy companies.
Illustration: Aïda Amer/Axios
The oil, gas and chemicals industry shed 107,000 U.S. jobs in March–August as the pandemic hit prices and the wider economy, marking the fastest rate of layoffs in industry history, Deloitte analysts said.
Why it matters: Their new report released Monday warns that the sector's employment may remain depressed for a long time.
Illustration: Sarah Grillo/Axios
Americans' plans to socialize outside in colder weather — when COVID-19 will still be a threat to indoor gatherings — are prompting an expensive and environmentally questionable rush on outdoor heaters.
Why it matters: Heating outdoor patios is a big new cost for businesses, and the energy sources are almost always fossil fuels that contribute to climate change.
Illustration: Sarah Grillo/Axios
Oil prices plunged after President Trump's overnight announcement that he tested positive for COVID-19 and federal data this morning that showed a slowdown in U.S. hiring.
Why it matters: Oil prices were already under downward pressure from the virus' persistence and, per Reuters, the U.S. impasse over stimulus talks.
Illustration: Sarah Grillo/Axios
The American Petroleum Institute is launching a digital ad barrage in the closing weeks of the election that promotes natural gas and industry access to drilling in areas Joe Biden would place off-limits.
Why it matters: API is the industry's most powerful lobbying group. The seven-figure buy shows how the industry sees the threat from Democratic climate proposals — including a ban on new oil-and-gas leases on federal lands.