Mother Nature Slams the Oil Industry With Covid Pandemic

Debra Redalia

 
Last week the New York Times reported that, collectively, the oil industry lost tens of billions of dollars in 2020 due to…covid-19. A virus has brought the most powerful and most polluting industry to its knees.

"The pandemic was largely to blame,” said the article. "It sapped demand for gasoline, diesel and jet fuel as countries and states locked down and people stayed home. But such painful years could become more commonplace as growing concerns about climate change, tighter regulations, and the rise of electric cars and trucks force a reckoning for an industry that has dominated the global economy over much of the last century.”

To make matter worse for the oil industry, General Motors also announced that they aim to do away with internal combustion engines altogether and sell only electric cars and trucks by 2035.

It looks like fossil fuels are on their way out. I remember when solar, wind and other alternative energy sources were just developing and it seemed like it was an impossible dream that they would ever replace fossil fuels. But here we are.

I just want to note that is seems like a virulent virus pushed circumstances over the line. While there certainly has been a loss of human life, Mother Nature had to stop the polluting to save the planet.

Good thing we have Laws of Nature.

THE NEW YORK TIMES: After a Bruising Year, the Oil Industry Confronts a Diminished Future