BP’s crisis has marked a turning point for the fossil fuel industry. Even major players who attempted to switch away from oil and gas are now reverting to their old ways. In 2023, BP’s CEO, Bernard Looney, told an audience of fellow oil executives that he no longer ran a company focused on oil. At the time, he said: “I lived in America long enough to know that when you’re getting an electric F-150, the world is going electric.” However, his words were contradicted by recent events. Despite efforts to transform into an integrated energy company, BP’s crisis highlights the industry’s lack of commitment to a green pivot. The shift away from fossil fuels appears to be in reverse.
Source: https://www.bloomberg.com/news/features/2025-03-03/bp-s-crisis-marks-end-of-big-oil-s-green-pivot