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.
    • silence7@slrpnk.netOPM
      3·
      1 year ago

      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.

  • elouboub@kbin.social
    3·
    1 year ago

    Money over people, always and forever.

    Don’t Look Up was a documentary from another reality.

    • silence7@slrpnk.netOPMEnglish
      1·
      1 year ago

      The thing is that if oil burning starts to fall, more drilling results in lower profits. This has the real potential to drive oil companies into bankruptcy.

  • Apenas um Gaucho English
    1·
    1 year ago

    This a sound defeat for now at least. But things can change( and are changing) and they might lost their entire investment in the future.