More indicators that the end of Big Oil could be sooner than people think

I find myself wondering whether vulture funds and the like will try to get involved. Or already are.

But the pandemic has had a material impact, hastening Exxon’s decline, but the company has been gliding downward for years. Part of its problem has been doubling down on oil, which has made the economy hum along for decades (thanks in part to Exxon’s aforementioned lying). A Carbon Tracker analysis released on Wednesday shows the company’s investment in exploration and resource- and carbon-intensive projects played a role in Exxon’s decline since 2014. The report notes investors “would have been better off putting their cash under the mattress” over the past six years. Climate change means the world needs to rapidly sunset the use of oil or face unspeakable horrors, and will further constrain Exxon’s future as long as it focuses on oil as its main means of making money.

Exxon is hardly alone in layoffs, though its overall totals are among the steepest in the industry. Earlier this year, BP announced it would lay off 10,000 workers as it transition to an “energy” company, a new fresh hell of greenwashing. At the time, the CEO called it the “right thing” to do. With the end of oil now coming up over the horizon, it’s more vital than ever to have a plan for affected workers who are about to or already are losing their livelihoods. - Gizmodo