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Why Big Oil should just 'kill' itself

The Oil Age is ending. Western oil companies need to wake up to this reality, stop exploring, and either innovate or liquidate.

Oil company managements still believe in perpetually rising demand and prices. So they prefer to waste money seeking new reserves instead of maximising shareholders' cash payouts.

NOW that oil prices have settled into a long-term range of US$30-50 per barrel, energy users everywhere are enjoying an annual income boost worth more than US$2 trillion. The net result will almost certainly accelerate global growth, because the beneficiaries of this enormous income...