Great news for Oil and BTE long-term So now what... the big oil companies stop drilling. Oil prices go through the roof. Now they switch to renewables and simple supply and demand those costs go through the roof...slowing everything down. This = long bull market with high prices.
Consider this
The biggest developer of offshore wind farms in the world, Denmark-based rsted, is concerned that the race of the biggest oil companies to enter offshore wind could lead to spikes in seabed acreage prices, which would undermine project competitiveness and the speed of technology development.
Our concern is that if that inflation continues it will eventually come to the disadvantage of the speed with which we accelerate the technology or the competitiveness of the technology, rsteds chief executive officer Mads Nipper toldReutersin an interview ahead of the conference Reuters Events: Global Energy Transition.
Reference: https://oilprice.com/Latest-Energy-News/World-News/Top-Offshore-Wind-Firm-Big-Oils-Foray-Into-Green-Energy-Could-Hike-Prices.html