Why Is the Oil Industry Booming?
High prices and growing demand have helped U.S. oil producers take in record profits despite global efforts to spur greater use of renewable energy and electric cars.
https://www.nytimes.com/2024/07/16/business/energy-environment/oil-company-profits.html
The industry’s revival after bruising losses during the Covid-19 pandemic is due largely to market forces, though Russia’s war in Ukraine has helped. U.S. oil prices have averaged around $80 a barrel since early 2021, compared with roughly $53 in the four years before that.That the price and demand for oil have been so strong suggests that the shift to renewable energy and electric vehicles will take longer and be more bumpy than some climate activists and world leaders once hoped
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