An abundance of fossil fuels combined with advances in technology to harness wind and solar power has sent energy prices crashing around the world. WSJ explains how it all happened at once. Photo illustration: Carlos Waters/WSJ (Originally Published July 21, 2020) Chevron Corp. said it would cut its annual capital spending budget by 26% next year and sharply through the middle of the decade, as the coronavirus pandemic forces an industrywide reappraisal of fossil-fuel investment. Chevron said it would spend $14 billion next year and no more than $16 billion a year through 2025. It previously said it would spend $19 billion to $22 billion a year through 2024 before the pandemic. The reductions by the U.S. oil giant follow those announced this week by rival Exxon Mobil Corp. , which on Monday said it was reducing its yearly capital spending by about $5 billion to $10 billion each […]