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No one is facing up to the scale of the demand crash. We normally produce 80-million+ barrels a day, and half the world (the rich half, mostly) is under lockdown. Do we need 3/4 of the oil we did? 1/2? 1/4? 20-million+, 40-million+ or 60-million+ barrels/day less?
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Does the lockdown end in several months? A year or more from now, when we (hopefully) have a vaccine? How much will our consumption habits have changed by then? How much renewable power will have been installed? How many vehicles will be hybrid or electric?
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Since the stock market is not based on reality, by tomorrow it will peak to the highest ever in history.
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Yes! Finally!
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They've had remarkable growth in revenue for the last couple of years, and a huge tax cut. Surely these companies have a solid balance sheet and can withstand an emergency disruption in profits without requiring government welfare to survive! With capitalism failure is bankrupt
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