A new report suggests that over the next 30 years, at least 80% of the oil industry will be wiped out.
The oil industry is on the cusp of a process of almost total decimation that will begin over the next 30 years, and continue through to the next century. That’s the stark implication of a new forecast by a team of energy analysts led by a former US government energy advisor, seen exclusively by Motherboard. 2020, the forecast suggests, will go down in history as the final point-of-no-return for the global oil industry — a date to which we will look back and remember how the production of oil, as well as other fossil fuels like gas and coal, underwent a slow, but inexorable and largely irreversible decline.
Along the way, some 80 percent of the industry as we know it is going to be wiped out. Of course, the COVID-19 pandemic is likely to be recognized as a principal trigger for this decline. The new era of oscillating social distancing rules and remote working has crushed once rocketing demand, at least temporarily. But in reality, the broad contours of this decline were already set in motion even before the pandemic hit. And the implications are stark: we are in the midst of a fundamental energy transition which will see the bulk of the fossil fuel industry gradually eclipsed in coming decades.