But Democrats, backed by environmental groups and others concerned about fossil fuel contributions to climate change, have resisted greater assistance for the sector, pointing to already high debt levels among many firms. “It is deplorable to send good money after bad,” Massachusetts Senator Ed Markey, wrote after the Fed’s changes.
Leslie Beyer, president of industry group Petroleum Equipment & Services Association, says many of her members are already working on renewables and cleaner energy technology. She calls those who hope the pandemic will spell the demise of the industry “misguided”, noting that global population growth and economic development in poor countries will drive continuing demand for oil.
“Some people who don’t understand the way the industry works … think now is the time to transition entirely to renewables. There is definitely room for renewables and we need to increase those, but we don’t go zero to 60,” she says.
“It’s important that we don’t give up on the ingenuity that created the shale boom. That’s what put us in the great position that we’re in as the world’s largest producer … We need to maintain that.”
But the best days of the industry may be over, Mr Bloxsom says, pointing to the scarcity of young people at conferences.
“I have told all four of my kids, ‘Do not go into the oil patch,” he says. “Do something else.”
















































