Oil and gas companies have intensified the hunt for new deposits in a long-term bet on demand, as they reinvest some of the record profits from the fossil fuel price surge driven by the Ukraine war, according to data and industry executives.
The oil industry has a history of engaging in substantial extraction based on wishful thinking followed by a bunch of massive losses. Done right, and they can largely end up shut down as this cycle progresses and peoples’ willingness to burn it drops.
The oil industry has a history of engaging in substantial extraction based on wishful thinking followed by a bunch of massive losses. Done right, and they can largely end up shut down as this cycle progresses and peoples’ willingness to burn it drops.
Let’s hope they all go out of business soon.👍
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