ExxonMobil saw its share price nosedive by roughly 15 percent in the past week, one in a series of oil companies that finds itself in a freefall. Four other oil majors – Chevron, BP, Shell and Total – also declined sharply, dragged down by the worst weekly loss for oil prices in more than four years. But the problems for the oil majors run much deeper than the coronavirus, and their share price declines have been underway for quite some time. The majors find themselves facing a complex set of problems, with no clear way out. Oil demand growth in the short run has vanished, but in the long run peak demand looms. Prices have been stuck at low levels, but returns for the majors were disappointing even prior to the 2014 meltdown. Many of them have bet big on U.S. shale, even as the business model remains unproven. […]