If this pandemic is, as Indian writer Arundhati Roy suggests, “a portal, a gateway between one world and the next,” does the energy transition for midstream qualify as a logical extension of the metaphor? Winona LaDuke thinks so.
“I’m looking at this decline in production and that we’re all operating remotely, that Google is the biggest guy in the world along with Amazon,” the environmental activist said during the recent Reuters Future of Oil & Gas 2020 online conference, referring to leading public companies based on market capitalization. “Exxon’s not there anymore, right? So, these transitions happen and the question is: with disruptive technologies and disruptive times, how are we all going to adapt?”
LaDuke heads Honor the Earth, a Minnesota non-profit focused on raising awareness and financial support for indigenous environmental justice. Much of her time is spent fighting Enbridge Inc.’s Line 3 replacement project as well as the Canadian company’s other operations. And while her crusade is to move the world away from fossil fuels and the pipelines dedicated to transporting them, at least some of the points she makes find agreement in the oil and gas industry.
“I honestly look at any sort of market disruption, and the market disruption that happened here was that, even pre-COVID you saw an expansion of oil and gas,” Justin Carlson, co-founder and chief strategy officer of East Daley Capital, said during the conference. “You saw an excess amount of supply hit the market and therefore we had a collapse in prices. And that was pre-COVID. Then you stack on COVID, you have even less demand.”