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Big Oil’s reaction to global oil prices

By on 15 Aug 2016 in quotes

“If we are to believe Lux Research, Big Oil should use the cash it has, while it still has it, to enter the energy storage market. It has become abundantly clear that lying low and waiting for oil prices to reach former heights is useless since nobody can say with certainty whether or even if this will happen at all.
“If we are to believe Big Oil, all is well, and crude will soon jump back to $100 a barrel to the joy of shareholders all around. If it doesn’t, Big Oil will just continue cutting costs and maintaining dividends. The problem with this approach is that it’s unsustainable over the long term. This is just basic survival, while in the meantime, other leaner, more far-seeing companies [like France’s Total] bet on a future in renewable energy.”

Irina Slav, Oilprice.com

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