GLASS ONION

Two centuries ago, the first industrial revolution made people a hundred times more productive, harnessed fossil energy for transport and production, and nurtured the young U.S. economy. Then, over the past 145 years, the Age of Oil brought unprecedented mobility, globe-spanning military power, and amazing synthetic products. But at what cost? Oil, which created the sinews of American strength, is now becoming an even greater source of weakness: its volatile price erodes prosperity; its vulnerabilities undermine security; its emissions destabilize climate. Moreover the quest to attain oil creates dangerous new rivalries and tarnishes America's moral standing. All these costs are rising. And their root causes-most of all, inefficient light trucks and cars-also threaten the competitiveness of U.S. automaking and other key industrial sectors.

The transition beyond oil is already starting to transform oil companies like Shell and BP into energy companies. Done right, this shift can profitably redeploy their skills and assets rather than lose market share. Biofuels are already becoming a new product line that leverages existing retail and distribution infrastructure and can attract another $90 billion in biofuels and biorefining investments. According to the Sustainable Energy Coalition's roadmap, the U.S. would set the stage by 2025 for the checkmate move in the Oil Endgame-the optional but advantageous transition to a hydrogen economy and the complete and permanent displacement of oil as a direct fuel. Oil may, however, retain or even gain value as one of the competing sources of hydrogen.

Oil Endgame
Read SEC's full press release here

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