Renewables are mostly on par or even cheaper than O&G in some regions, especially once your beloved oil prices come back as everyone keeps saying they will. Ya see, if prices go up, then renewables become even more competitive. It's a zero sums game. So, it's just a matter of time. Smell the coffee, sunshine, the heyday is over, and EM is by far the worst positioned to reap the benefits of the energy transition.
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What would be even worse than this flawed logic being used by the hardcore oil industry defenders....is if these folks are actually encouraging the up and coming generations to pursue careers in oil.... Now that would be extremely unethical.
I get that some of you are kind of stuck here at this point in your lives. It is what it is.... But lets not pretend its a good idea for any current or future college student to waste their time trying to build a career in this industry. Those days are gone.
The oil industry workforce in the US will likely be cut to 30% of what it is now by 2030.
Only meaningful change is going to be shift of resedential cars to EV and additional renewable infastructure so that gas plants are running less than they are now.
4 billion is peanuts for investment. Still trillions of dollars are needed in US. 10 years from now will speak for itself, but I'm not holding my breath for the end of oil like you believe.
What's the point of endlessly defending oil and gas just because you happen to work in the industry... Other than self interest?
In 10-15 years from now the truth will speak for itself.
Power is our ticket. Renewables won’t be providing enough power to generate an electric fleet. Invest in power plants that run off of NG and liquids.
The US is severely lagging behind China and EU as far volume of EV's is concerned, this is a fact (google it). In China, for example, non-EV's can't enter their downtown areas these days. EV's are their primary mitigation to reduce pollution. EU is now 2nd on EV volume, and the rise is exponential. In a few weeks, US Fed, hopefully will pass those bills which will foster going green, as part of that 4B deal. Crossing fingers it happens, and it's the beginning of the end of the titanic.
That's what countries are doing today with O&G...
Rising oil prices doesn’t necessarily make renewables more attractive. You have to factor in why oil prices rise. If inflation and rising rates are part of the reason why, you’ll see a slow down of renewables being implemented. They are growth companies and with low rates have more ability to grow quickly and also don’t need to have as high a return to make them attractive alternatives. They also rely heavily on subsidies, which will lessen as more of the market switches to green. So unless every government in every country is ready to subsidize their entire electricity bill, you’re going to need oil and gas for a long time
I'd say they are about as clueless as you. Battery tech is a long way off from being a significant part of the grid.
What's next ? Are you going to argue that EV's don't work by themselves without batteries, therefore they are useless and have no future ???
The evolution of battery technology is one of the biggest drivers for both EV and renewable (not just solar) energy.
Anytime you see someone post some nonsense about needing solar panels the size of Virginia or Texas or some rubbish like that.... Just know they are clueless about the technology.
Not sure you're paying attention, but worldwide renewable expansion is expected to continue to be a political issues with additional subsidies to be cost competitive. Additional taxation on O&G with expected carbon taxes will continue to erode profitability. I think by end of this decade O&G will have significant challenges to stay competitive versus peers.
Solar does not work on its own at night. If you want to claim solar can charge a battery and in turn can discharge at night, have at it. But then solar (coupled with battery) is no longer one of the cheapest forms of energy.
To many, you seem to be the ignorant dumb @ss. To cover 24/7 output with solar and battery, 5x the rated capacity of one panel would be required to recharge the battery. Then you would still need to provide battery capacity for an entire night.
Not true. Conversion to EVs is driven by policy, not economics. Oil price would have to stay above $90/ bbl for extended period to provide any significant economic incentive for switch. But, oil prices at just $60/bbl generate good profitability for oil companies, and between $60-80/bbl generate huge profits without going so high as to justify EVs on an economic basis.
Renewables are a multi-trillion dollar opportunity if people open wide and swallow. Not going to be as easy as some think.
If I hear one more person ignorantly claim solar power can't be used when the sun isn't out.........
Renewables are going to continue to be cheaper than O&G when comparing spot pricing. Now, when you factor in keeping the grid operating 24/7 (say in the middle of the night ) your solar capacity is going to be non-existant and requires other sources to power. Say fossil fuels to stay on idle until needed.
For power companies to keep fossil fuels in business, they will charge more to dispatch as needed. Key being, less fuel needs to used (less not nothing). Companies can still make money in a atmosphere of declining demand.
Same goes with transportation. Less fuel needed (mainly residential vehicles), but not zero. O&G is not an infinite commodity, new facilities need to built to continue supplying the market. As demand drops, less facilities are needed. Looking at assets today and trying to say we will not make money 10 years from now because we are not cost competitive today is just completely asinine.
Same with assuming a renewable transformation will happen in less than 10 years. It's a fallacy to believe change will happen overnight.
It will happen when renewables generates more than 50% energy worldwide. Those days are at least a decade away.