BP yesterday sent a really big message that effectively now, Covid-19 is the break that tips the world away from oil dependence.
They advised investors that the economic shock of the pandemic would reverberate for years, and that less oil and gas would likely be needed.
And they are writing down as much as US $17.5 billion of their petroleum holdings next quarter.
Bernard Looney their Chief Executive said in February that “Everywhere I have been – inside BP, as well as outside – I have come away with one inescapable conclusion: we have got to change.”
All those who disinvested were right.
All those who warned us were right.