Recently Greg Valliere, chief global strategist at Horizon Investments, sent a letter to his clients telling them not to panic over the massive drop in oil industry profits. He said:
"If Washington can bail out big banks and the auto industry, why not a bailout for oil companies? That's the new buzz, and we suspect this will become a huge issue as the U.S. energy industry faces massive layoffs and potential bankruptcies [...]
We're now at the point where the extremely low price of energy is becoming a clear negative for the economy and Wall Street — so who will begin talking about solutions? Chances of some type of Washington assistance will soon rise to 50% or better."
NO.
New jobs, energy sources, etc. can be created without destruction caused by petroleum extraction, oil is obsolete.
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