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Big Oil on the defensive
Jul 13: Big oil companies are now increasingly on the defensive when it comes to talking about their business model.
8While earlier, there was confidence in the replacement of gas as a substitute for coal, increasingly the talk is towards using gas for peaking purposes only in the electricity sector.
8The focus is on demand for fossil fuels coming out of emerging countries. Around  3.6 billion extra people will be living on this planet by the end of the century and 3.2 billion of them will be in Africa, the vast majority in sub-Saharan Africa. And all of them will need energy in some form or other, the argument goes.
8If Norway, or Germany, or California were to switch entirely to battery electric cars that would be progress but not enough, this line of thinking states.
8But Big Oil has stopped denying that there will be an eventual energy transition. However it believes that this change will not happen rapidly but over generations.
8The new theme is: different solutions for different regions. As one part of the world switches to low carbon, there are other parts which will increase their consumption of fossil fuels until the entire transition is completed
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