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Len Rosen's picture
Principal Author and Editor 21st Century Tech Blog

Futurist, Writer and Researcher, now retired, former freelance writer for new technology ventures. Former President & CEO of Len Rosen Marketing Inc., a marketing consulting firm focused on...

  • Member since 2018
  • 162 items added with 169,560 views
  • Apr 8, 2020
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The Saudi-Russia price war has seriously impacted the profitability of oil company operations in North America. Oil sands operators are in danger of going deeply into debt and are seeking government bailouts from provincial and federal sources. Bakken and Permian fracking operations are operating in a deficit. And now comes COVID-19 with the pandemic impacting workers on offshore rigs and platforms and putting a hold on further exploration.

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Matt Chester's picture
Matt Chester on Apr 8, 2020

Should environmentalists take heart that the fossil fuel industry has finally met its Waterloo?

No!

Since the COVID-19 pandemic caused governments to restrict business as usual operations, the environment has been a beneficiary. But it is only a temporary reprieve. A return to a near-state of normalcy will mean carbon emissions will climb again.

Thanks for this, Len. Obvious a reduction in emissions is a good thing, but all things said, a couple percentage reduction in one year is a blip in the grand scheme of things. Instead, the post-COVID world needs to be led by clean energy and climate action ideas, with the coming stimulus needs being a prime area for that. To omit climate-forward ideas from any economic recovery will be sheerly irresponsible

Mark Silverstone's picture
Mark Silverstone on Apr 10, 2020

Matt is surely right.  Low oil prices, especially with reduction in mileage standards, mean more low mileage cars and trucks will be sold.  But, government bailouts for the Oil & Gas Industry would be as much an outrage as it is inevitable.   There has been no restraint to the Oil and Gas industry´s borrowing to expand and acquire, while reducing safety and environmental standards.  This government will reward that, especially in an election year.

The good news is that development of renewables continues, if just more slowly.

Mark Silverstone's picture
Mark Silverstone on Apr 11, 2020

Just wanted to share this Opinion piece in the New York Times:

https://www.nytimes.com/2020/04/10/opinion/coronavirus-texas-fracking-layoffs.html?smid=nytcore-ios-share

"The promised profits haven’t materialized. In the first half of 2019, when oil was around $55 a barrel, only a few top-tier companies were profitable. “By now, it should be abundantly clear that the current shale oil business model does not work — even for the very best companies in the industry,” the investment firm SailingStone Capital Partners explained in a recent note."

"Policymakers who wanted to tout energy independence disregarded all this, even as investors were starting to lose patience."

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