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Fossil fuels: Heading down, but not yet out
(Climate News Network, 20 May 2020) Renewable energy is making rapid inroads into the market, but fossil fuels still wield enormous global influence.
At a casual glance, you could be forgiven for thinking that fossil fuels are here to stay for a long time yet, although not everything on the horizon is rosy.
The world, admittedly, is awash with surplus oil. The use of coal is in sharp decline. The price of gas – in recent years the fuel of choice for an increasing number of power plants around the globe – is falling.
The fossil fuel industry – the main driver behind the growing climate crisis – is undoubtedly going through one of its worst times in decades.
The Covid 19 pandemic has resulted in a severe downturn in the global economy and a sharp drop in demand for energy.
But the fossil fuel industry’s problems, many of them of its own making, were evident well before Covid swept the globe.
At the centre of the sector’s difficulties is over-production, particularly of oil.
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