Oil prices are down. It actually is a good time to fill up. The question is why? Where is the pressure for Big Oil to lower prices coming from?
We may have our millennial friends to thank!
For a long time I’ve wanted to see the death of the oil industry, and according to an article I am reading in The Fiscal Times, the world may be well on it’s way to giving me my wish. What do I have against the oil industry? Simply put, it’s dirty. You have a very small group of people in the world controlling all of the oil, and I have felt, for years that they’ve done nothing but taken advantage of us. They’ve turned us into addicts – dependent on this commodity. We’re at fault too. We’re consumers, and we consume resources, truly as if there is no tomorrow, destroying our environment one combustible explosion at a time.
Remember that movie, “Who Killed the Electric Car?” You should see it, if you haven’t. You can stream it on Vudu. Thanks to Elon musk the electric car is back, and no one can stop it anymore, but this kind of technology has been around for much longer than you may realize. Big Oil crushed it, no doubt, because it would hurt their profits.
Thank you millennials. We should all learn, but more importantly heed the direction that our newest, up and coming generation in the workforce is taking.
These workers see the oil industry as dirty, and more generally not that sexy.
The millennial generation do things differently. They very much live online, and they vote with their dollar. They don’t do things in the “rational” way that their predecessors typically did things. Then again millennials may be a whole lot more rational than we ever were. Millennials are invested in what they believe in. They are perhaps more principled than we are. When they hear of a spill, and especially after hearing of several from the same company, they are turned off. Millennials don’t take jobs, just to get a paycheck. They work for companies they are passionate about. They subscribe to what they believe in, and this comes in many forms; where they work, what they buy, and even what they invest in.
Oil companies are having a hard time hiring millennials. Millennials studying engineering are going into the much sexier areas, like civil, biomedical, and computer engineering. Nobody wants to work for Big Oil. It’s just ugly.
If Elon Musk focuses on the electric car (instead of rockets) and makes it his mission to get a Tesla into the garage of every Millennial, he may just win the revolution against Big Oil, for good. That could bring Big Oil to it’s knees. The challenge right now, is that you have to be wealthy to afford an electric car. As this changes, and electric cars become more affordable, the death of Big Oil could become imminent. It will probably be a while though.
It’s not just what we believe in. It’s HOW we work
Another factor to consider is that with technology, and a more tech savvy generation, up and coming, many of us are working remotely. We work from home, or in a local coffee shop, and we drive much less. My 2004 Toyota Camry Solara barely has 80,000 miles, and I bought it brand new in 2003. As more and more of our workforce realizes that there is no need to commute to an office, this may have an increasing impact on Big Oil. Demand for oil is dropping on all sides. We don’t need it as much, and we don’t want it, at all. We will go to great lengths to avoid using it. Perhaps a more responsible generation will help reverse the adverse effects Big Oil has had on our environment.
Now if only Richard Branson could come up with the first Commercial Electric Airplane?