The oil and natural gas industry is facing new threats to its viability in a world increasingly awash in energy.
Bloomberg’s James W. Kelly writes the world is becoming increasingly dependent on more and more energy-hungry countries and companies.
The industry has already seen more than a decade of decline, which has caused it to lose money and shrink its workforce.
Its business model has also shifted, with more and less value attached to drilling rigs and pipelines.
It’s in the midst of a transition to a more competitive energy environment, Kelly writes.
That means new risks and challenges for the industry.