To show you that the cratering of fossil fuel prices (and STOCK!) is NOT a recent trend, here's last year's one year performance Oil & Gas Writing on the Wall (Street).
The totally unjustified price increase earlier this year was due to SPECULATION, not "supply & demand", as the
recent wailing and gnashing of teeth by oil trader crooks evidences when they got their arses handed to them by the Chinese.
Last year, reality was asserting itself in the stock market. Reality has a habit of doing that, despite the most energetic efforts at corruption and rigging by the champions
of profit over planet.
Fossil Fuel Corporations are going to lose a lot of money. Here's why. It is in the category of correct accounting procedures. Perhaps it is such a shock to the corporate world that they had to invent a new accounting term (i.e. Stranded Assets.).
"Stranded Assets", the new term for fossil fuels and the accompanying infrastructure plant and equipment,
in real world accounting, means
"LIABILITIES".When that realization FINALLY hits the balance sheet preparers in the corporate world, the red ink will produce a TORRENT of fossil fuel industry bankruptcies. GOOD!
And let's not forget all those refineries, pipelines, drilling rigs and, last but not least, ocean going oil tankers that will find it rather difficult to carry olive oil or biofuels instead of crude oil....
Hellespont Alhambra (now TI Asia), a ULCC TI class supertanker, which are the largest ocean-going oil tankers in the world