I recently saw a comment from an energy industry professional who was asked about the role of existing major fossil fuel production companies will play in the energy transformation. “Their role is to shrink to around 15% of their current size” was the pithy and clear reply. It sums it up well, because there really isn’t much else for them to do.
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…and that was their choice. They knew about climate change in the ‘70s and instead of starting the process of pivoting to green energy, thus becoming the leader in that when the time came, they chose to spend hundreds of billions on FUD campaigns and lobbying so they didn’t have to change anything. It’s like when Sears, who should have been Amazon because they’re already perfectly set up for online shopping, did nothing and got killed. Oil companies could all be building lithium batteries and solar panels now, but instead they chose to fuck themselves.
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Amen. I need to blast that part of the message out more - I keep forgetting that while this isn’t secret, it’s also not widely known. Thank you!
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Here in the UK, Shell and BP own a lot of petrol stations as well as producing the stuff. They’ve been installing EV chargers on those territories. I can see a future where the money is made in convenience shopping and EV charging, but I doubt it will be as profitable as oil has been. A lot of people can charge their cars at home.
The Saudis and Emirates have been diversifying into property and sports.
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Then they really would be the “energy companies” they now like to call themselves.
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