Oil companies (now trying to simply brand themselves as "energy" companies) have had decades to pivot to renewables. They chose short-term returns over a sustainable long-term strategy. Of course the lowest wage-earners will be the first to suffer for the bottom line.
Sunday, June 28, 2020
Texas oil industry faces prospect of collapse amid Covid-19 losses
"The oil price has rebounded to hover around $40 a barrel – high enough to cover the cost of existing wells but not yet high enough to dig new ones. In the meantime, the heart of America’s oil country considers the prospect of virus-driven economic collapse."
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