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Markets US
Philip K. Verleger
Denver
16 March 2023
Follow @PetroleumEcon
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Letter from the US: The bigger they are, the harder they fall

The oil industry is facing the same kind of seismic shift in consumption that rocked telecommunications with the arrival of the cellphone

“The reality is, [fossil fuel] is what runs the world today. It is going to run the world tomorrow and five years from now, 10 years from now, [and] 20 years from now,” Chevron’s CEO Michael Wirth told the Financial Times in October last year.   His statement bears some similarity to what John deButts, chair of AT&T—once the US’ primary telecommunications supplier—said about his industry in 1977: “Our business in this industry is to provide people with communications of all forms. We think down the road we should continue to provide all people with all forms of communications using whatever technology is available at that particular time.” Back then, AT&T employed one out of every ni

Also in this section
China creates two-tier oil dynamic
25 July 2025
There is a bifurcation in the global oil market as China’s stockpiling contrasts with reduced inventories elsewhere
Trump’s Russia threat rings hollow
24 July 2025
The reaction to proposed sanctions on Russian oil buyers has been muted, suggesting trader fatigue with Trump’s frequent bold and erratic threats
US oil sector faces complicated path
24 July 2025
Trump energy policies and changing consumer trends to upend oil supply and demand
Brazil looks to solve its energy security travails
24 July 2025
Despite significant crude projections over the next five years, Latin America’s largest economy could be forced to start importing unless action is taken

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