SRU and Lynette Zang Sunday 6-20-2021
Silver Report Uncut
Oil Supply Is Heading Off A Cliff, Investors And Blackrock Turn Away From Petroleum Industry
Jun 19, 2021
I wanted to talk about the coming oil shortage due to a collapse in investment for operations and more importantly exploration.
The WSJ put it this way "The message to oil and gas companies has been pretty clear from the market, investment funds like Blackrock seeking green “purity” in the allocation of financing of new energy sources, and government edicts mandating carbon intensity reduction across the entire swath of society, and a transformation to renewable energy, that new supplies of oil and gas are not wanted.
These companies seem to have gotten the message, loud and clear.
The super-major cohort formed by Shell, ExxonMobil, BP, TotalEnergies, all prime targets of the anti-oil movement, have reduced their capital allocation toward petroleum, exited businesses or converted petroleum assets like refineries to renewables, and sold assets that a few years ago might have contributed to oil and gas inventories."
Oil industry experts have been predicting $100 oil and it seems they may be on to something if we continue down this path.
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