Oil Price Collapse Is ‘Permanent’; Analyst Says Fossil Fuel Has Had Its Day

(by Jillian Ambrose – Postmedia Network)
‘I usually put a 5 bet on the oil price – and I’m collecting,’ smiles Professor Dieter Helm.
It’s not difficult to imagine his tally of modest wagers adding up. The highly regarded Oxford University economics professor is a long-time industry observer. Today, he is in central London after taking meetings with major oil executives. He is also a familiar face in Whitehall and Brussels, where he advises, both formally and informally, on the trends reshaping the global energy markets.
Still, his stakes will be trillions of dollars lower than the energy leaders he advises.
If Helm is to be believed the oil market downturn is only getting started. The latest collapse is the harbinger of a global energy revolution which could spell the end-game for fossil fuels. These theories were laughable less than a decade ago when oil prices grazed highs of more than $140 a barrel. But the burn out of the oil industry is approaching quicker than was first thought, and the most senior leaders within the industry are beginning to take note.

This post was published at SRSrocco Report on MAY 6, 2017.