Oil giant BP has reported an unusually high $5.8 billion loss in the second quarter of 2015. This loss is due to low oil prices combined with settlements over the 2010 Deepwater Horizon oil spill in the Gulf of Mexico. The announcement of BP’s losses comes as the Financial Times reports that oil and gas companies have delayed investing in new extraction projects worth a total of $200 billion. In total, companies have delayed at least 46 projects that include expensive processes such as deepwater drilling, because the projects would be unprofitable at the current level of oil prices.
[Let these projects delayed for ever. Switch to renewable sources.]