Day 30 of UK lock down: we don't have to be led by any kind of donkeys

Covid-19 travel restrictions and slowing down of business & industry have led to a dramatic drop in demand for oil, and an equally dramatic drop in oil price, and oil producers are now racing to reduce production. The US was too slow off the mark, and over-production there, coupled with full reserves, led to negative pricing for the first time ever, which is a revealing indication of the power of market demand over these allegedly unstoppable Molochs.

Blaming the oil companies for what they do is like blaming lions for eating antelope, which is not a solution. Move the antelope elsewhere, and the lions will go away.

We have a huge opportunity here to seize the moment and push for a swift transition to renewable energy, and for a radical review of our underlying energy demand. We can change, and this is the moment to do it.

Report on oil price response to reduced demand