The fossil fuel industry has faced serious headwinds for several years, but the rise of renewables combined with the fall in consumption as a consequence of the global corona crisis is pushing it over the edge and into “terminal decline” . Although global coal consumption continues to grow slowly, its use has peaked in developed regions. According to the 2019 BP Statistical Review of World Energy , U.S. coal consumption fell by more than 40% in the past decade, while in the EU it has seen a nearly 27% drop. The primary culprits behind coal’s decline are competition from cheap natural gas brought on by the shale gas boom in the U.S., as well as a surge of renewable capacity aided by legislation aimed at curbing carbon dioxide emissions. Victims of Their Own Success But the natural gas and subsequent oil boom were victims of their own success. Even […]