THE EDITOR: The global oil industry is in a tailspin.
Demand has cratered, prices have collapsed and profits are shrinking.
The giant oil corporations are taking billions of dollars in losses while cutting tens of thousands of jobs.
Smaller companies are declaring bankruptcy and investors are looking elsewhere for returns.
Significant changes to when, where and how much oil will be produced and by whom are already underway.
It is clear the oil industry will not recover from covid19 and return to its former self.
What form it ultimately takes or whether it will even survive is now very much an open question.
The end of oil is near. The covid19 pandemic may send the petroleum industry to the grave.
Does the TT oil industry have both feet in the grave and is just ashamed to lie down?
I predict the oil industry will end long before the world runs out of oil.
AV RAMPERSAD
Princes Town
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