Shell: BP, Shell, and Exxon Signal One Thing: Oil Isn't Going Anywhere

Ever since BP admitted that its attempt to go green had ended in a disaster, the flow of news from the energy industry has been in one single direction: back to oil and gas, which make money. Indeed, Big Oil has finally accepted it will not transform into Big Green Power and has gone back to what it does best: hydrocarbons. In late February, when it made its very unsurprising admission, BP said it would boost spending on oil and gas production by 25% annually while slashing investments in transition-related business by 70%. The new strategy did...