Image via tim_d/flickr. Creative Commons 2.0 license.
- Big oil stagnates:
Source: Wall Street Journal
- “We can expect growing pressure points around water, food, and energy scarcity as the century progresses…Hovering over all of this is the merciless march of climate change. Because of humanity’s hubris, the natural environment, which we need to sustain us, is instead turning against us.” – IMF’s Christine Lagarde delivers her Richard Dimbleby lecture
- Nuclear setback as EC attacks Hinkley Point subsidy deal – Nuclear plant in doubt as European Commission says subsidies of up to £17.6bn risk handing EDF excess profits and may constitute illegal state aid.
One such reduction seems likely from our chart of the week, though it’s far from intentional. Oil giants Exxon, Shell and Chevron have been spending at record levels, but production continues to stagnate. Is the industry now reaching a turning point? Commentary such as this from FT blogger Nick Butler would certainly suggest so.