Oil, what happens in British Petroleum

Oil, what happens in British Petroleum

The British Petroleum oil group cuts 10,000 jobs. Here because

It is not the sunset of fossil sources and not of oil at all. Yet the British Petroleum oil group, one of the largest in the world, cuts 10,000 jobs.

15% of the workforce will be released later this year, the company announced yesterday.

Many executives will also go away in a general shuffle of cards, because crude oil prices are not helping the company's balance sheet. Stop investment and a slimming cure across the board, therefore, but not entirely unexpected.

In April BP had already announced a sharp reduction in investments: 25% and a savings program of 2.5 billion dollars in 2021. Since yesterday a storm after the clouds of the Covid period.

CEO Bernard Looney explained that "these are difficult decisions to make, but we must do what is good for the BP".

All the fault of oil and therefore advantage for renewables? Not exactly.

The global energy system still cannot do without traditional sources. Both in the civil and industrial sectors. Even some good news from the United States ignites hopes of speed revolution .

For the first time, coal consumption has decreased by 15%, but balanced by a shy + 1% of renewables. The USA is the model country for measuring the ability of countries to innovate. Europe is making progress with European or national green plans, however the increase in investments is hoped for in this phase of post-virus economic recovery.

The Energy Information Administration (EIA) predicts that in the US renewables will even exceed coal as an energy source during 2020.

Estimates are made considering the blocking of many activities in different states. In short, still complex scenarios that on the one hand show the weakness of leading companies such as BP which in 3 months has lost more than 4 billion dollars, but on the other they generate a bit of optimism about the success of alternative sources. All to see.

This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/energia/petrolio-cosa-succede-in-british-petroleum/?utm_source=rss&utm_medium=rss&utm_campaign=petrolio-cosa-succede-in-british-petroleum on Tue, 09 Jun 2020 08:18:01 +0000.