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Opinion
Liam Denning

Big Oil’s Climate Has Changed Forever

Just as the IPCC warns of tipping points with regard to climate change, the oil sector is faced with potential tipping points on several other fronts, from political to technological.

The UN’s global warming report confirms that Big Oil’s climate has changed.

The UN’s global warming report confirms that Big Oil’s climate has changed.

Photographer: Rodger Bosch/AFP

It might seem as if the combination of oil selling off just as the latest United Nations climate-change assessment landed represents a sudden realization about the hidden costs of fossil fuels. But oil never sells off because we’re using too much of it. Monday morning’s drop is tied to that other natural disaster, the pandemic, and what delta might do to demand.

Oil equities, on the other hand, are more nuanced.