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Big Oil Told to Adapt or Die

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“The oil markets are going through fundamental structural changes driven by a technological revolution and geopolitical shifts. The old cycle of lower prices followed by higher prices can no longer be assumed to be applicable.” -- Paul Stevens, a senior research fellow at the London-based Chatham House think tank, the Royal Institute of International Affairs.

Kieran Cooke, Climate News Network / EcoWatch

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http://ecowatch.com/wp-content/uploads/2016/05/abandoned_gas_station_750.jpg There are doubts over whether the oil companies have the necessary technical and managerial skills to operate successfully in what is rapidly becoming a decentralized energy system.

May 9, 2016 | At best, big oil companies such as ExxonMobil, ShellChevron and BP face a period of gentle decline, but will ultimately survive.

At worst, if they do not adapt and change direction, “what remains of their existence will be nasty, brutish and short.”

That’s the core message of a research paper on the oil corporates by one of the UK’s leading energy experts, Paul Stevens, a senior research fellow at the London-based Chatham House think tank, the Royal Institute of International Affairs.

Kieran Cooke, a founding editor of Climate News Network, is a former foreign correspondent for the BBC and Financial Times. He now focuses on environmental issues.

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