Big Oil (and is there little oil) has a business model built on assumptions. That’s true of every business model. Some of those assumptions are being challenged. Consumption is not always going to increase. The price per barrel is not always over $100. Renewables won’t become competitive. While some will cheer massive corporations imploding when their financial strategies fail, that will initiate a financial collapse larger than the car companies’ and the housing industry’s.
“The Collapse Of Big Oil: How The Industry Priced Itself Into Oblivion” – Salon
Pretending Not To Panic 