BP to Cut 10,000 Jobs as Oil Demand Plummets
Fossil fuel giant BP made headlines earlier this year when it announced it would target net zero emissions by 2050. Now, it is in the headlines again, since it announced on Monday that it would slash 10,000 jobs, roughly 15 percent of its workforce, as it struggles during a downturn in the oil market and transitions its practices towards renewable energy, as CNN reported.
In an email to staff on Monday that was also published on LinkedIn, BP CEO Bernard Looney announced the layoffs, which mostly affect senior office-based positions and not front-line operational staff. He called it part of some "tough decisions" but said that "we must do the right thing for bp and this is that right thing," as Gizmodo reported.
BP currently employs 70,100 people. "We will now begin a process that will see close to 10,000 people leaving BP – most by the end of this year," Looney said in a statement, as Reuters reported.
BP also said it will not give any raises to senior executives this year and it will not hand out any cash bonuses. Like all the world's top energy companies, BP has cut its 2020 spending plans after the coronavirus pandemic brought an unprecedented drop in demand for oil, according to Reuters.
In his email to staff, Looney said: "The oil price has plunged well below the level we need to turn a profit. We are spending much, much more than we make - I am talking millions of dollars, every day," as the BBC reported.
"It was always part of the plan to make BP a leaner, faster-moving and lower carbon company," wrote Looney. "Then the COVID-19 pandemic took hold. You are already aware that, beyond the clear human tragedy, there has been widespread economic fallout, along with consequences for our industry and our company."
The price of crude oil fell precipitously this year. It started the year at $66 per barrel, but dropped below $20 during the pandemic and has now inched its way up to $42 barrel. That slow recovery in the price and the continued low demand for oil means the fossil fuel industry is losing money hand over fist, according to CNN.
The drop in oil prices has accelerated the push toward renewable energy sources, Looney said on Monday, according to CNN. "To me, the broader economic picture and our own financial position just reaffirm the need to reinvent [BP]," Looney wrote in his note to employees. "While the external environment is driving us to move faster — and perhaps go deeper at this stage than we originally intended — the direction of travel remains the same."
Prior to the coronavirus, demand for oil was expected to peak around 2040 due to the rise of electric cars, increased energy efficiency and a switch to alternative sources. That combination puts pressure on energy companies to decrease their reliance on fossil fuels. BP started out ahead in that department, having committed to cutting greenhouse gas emissions from its global operations, as well as emissions that result from the oil and gas it produces, to net zero by 2050. BP wants to halve the carbon intensity of the products it sells by 2050, as CNN reported.
The drop in demand has affected other companies, too. Chevron Corp, the second-largest U.S. oil producer, said that it would cut between 10 and 15 percent of its global workforce as part of an ongoing restructuring, according to Reuters. Also, Royal Dutch Shell cut its dividend and started a layoff process.
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By Joe Roman and Taylor Ricketts
The COVID-19 pandemic in the United States is the deepest and longest period of malaise in a dozen years. Our colleagues at the University of Vermont have concluded this by analyzing posts on Twitter. The Vermont Complex Systems Center studies 50 million tweets a day, scoring the "happiness" of people's words to monitor the national mood. That mood today is at its lowest point since 2008 when they started this project.
The Hedonometer measures happiness through analysis of key words on Twitter, which is now used by one in five Americans. This chart covers 18 months from early 2019 to July 2020, showing major dips in 2020. hedonometer.org<p>These same tweets also indicate a potential salve. Before pandemic lockdowns began, doctoral student <a href="https://scholar.google.com/citations?user=0P0ZYbIAAAAJ&hl=en" target="_blank">Aaron Schwartz</a> <a href="https://doi.org/10.1002/pan3.10045" target="_blank">compared tweets before, during, and after visits to 150 parks, playgrounds and plazas</a> in San Francisco. He found that park visits corresponded with a spike in happiness, followed by an afterglow lasting up to four hours.</p><p>Tweets from parks contained fewer negative words such as "no," "not" and "can't," and fewer first-person pronouns like "I" and "me." It seems that nature makes people more positive and less self-obsessed.</p><p>Parks keep people happy in times of global crisis, economic shutdown and public anger. Research has also shown that transmission rates for COVID-19 are <a href="https://www.sfchronicle.com/news/article/Is-risk-of-coronavirus-transmission-lower-15287602.php" target="_blank">much lower outdoors than inside</a>. As scholars who study <a href="https://scholar.google.com/citations?user=yFzb2EUAAAAJ&hl=en" target="_blank">conservation</a> and how nature <a href="https://scholar.google.com/citations?user=CCnUeN8AAAAJ&hl=en" target="_blank">contributes to human well-being</a>, we see opening up parks and creating new ones as a straightforward remedy for Americans' current blues.</p>
Park Visits Are Up During the Pandemic<p>According to the Hedonometer, sentiments expressed online started trending lower in mid-March as the impacts of the pandemic became clear. As lockdowns continued, they registered the lowest sentiment scores on record. Then in late May, effects from George Floyd's death in police custody and the following protests and police response once again could be seen on Twitter. May 31, 2020 was the saddest day of the project.</p><p>Recent surveys of park visitors around the University of Vermont have shown people <a href="https://osf.io/preprints/socarxiv/sd3h6" target="_blank">using green spaces more</a> since COVID-19 lockdowns began. Many people reported that parks were highly important to their well-being during the pandemic.</p>
<div id="4c7e4" class="rm-shortcode" data-rm-shortcode-id="bc0ac146ab2a94228f32d973fc2ab272"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1289428912879964160" data-partner="rebelmouse"><div style="margin:1em 0">#Goldengatepark #sf #quarantinemood https://t.co/9l3ufnbkt6</div> — Suvd (@Suvd)<a href="https://twitter.com/Suvd19486406/statuses/1289428912879964160">1596258783.0</a></blockquote></div><p>The powerful effects of nature are strongest in large parks with more trees, but smaller neighborhood parks also provide a significant boost. Their impact on happiness is real, measurable and lasting.</p><p>Twitter records show that parks increase happiness to a level similar to the bounce at Christmas, which typically is the happiest day of the year. Schwartz has since expanded his <a href="https://arxiv.org/pdf/2006.10658.pdf" target="_blank">Twitter study</a> to the 25 largest cities in the U.S. and found this bounce everywhere.</p><p>Parks and public spaces won't cure COVID-19 or stop police brutality, but they are far more than playgrounds. There is growing evidence that parks contribute to mental and physical health in a range of communities.</p><p>In a 2015 study, for example, Stanford researchers sent people out for one of two walks: through a local park or on a busy street. Those who walked in nature showed <a href="https://doi.org/10.1016/j.landurbplan.2015.02.005" target="_blank">improved moods and better memory performance</a> compared to the urban group. And a team led by <a href="https://penniur.upenn.edu/people/eugenia-gina-south" target="_blank">Gina South</a> of the University of Pennsylvania showed in a 2018 study that greening and cleaning up blighted vacant lots in Philadelphia <a href="http://dx.doi.org/10.1001/jamanetworkopen.2018.0298" target="_blank">reduced local residents' feelings of depression, worthlessness and poor mental health</a>.</p>
Creative Strategies<p>It isn't easy to create new parks on the scale of San Francisco's Golden Gate Park or the Washington Mall, but smaller projects can expand outdoor space. Options include greening vacant lots, closing streets and investing in existing parks to make them safer, greener and shadier and support wildlife.</p><p>These initiatives don't have to be capital-intensive. In the University of Pennsylvania study, for example, renovating a vacant lot by removing trash, planting grass and trees and installing a low fence cost only about US$1,600.</p><p>Urban green space is most needed in neighborhoods that have lacked funding for parks, especially given <a href="https://www.nytimes.com/2020/04/08/nyregion/coronavirus-race-deaths.html" target="_blank">COVID-19's disproportionate impact on Black and Latinx people</a>.</p><p>Cities can also create parklike spaces by <a href="https://theconversation.com/with-fewer-cars-on-us-streets-now-is-the-time-to-reinvent-roadways-and-how-we-use-them-140408" target="_blank">closing streets to cars</a>. Many cities worldwide are currently retooling their transportation systems for the post-COVID-19 world in order to <a href="https://thecityfix.com/blog/bicycles-slower-speeds-livable-city-paris-mayor-anne-hidalgo-plans-ambitious-second-term-dario-hidalgo/" target="_blank">reallocate public space</a>, widen sidewalks and make more space for nature.</p><p>Urban designers, artists, ecologists and other citizens can play a direct role, too, creating pop-up parks and green spaces. Some advocates <a href="https://www.bloomberg.com/news/articles/2017-09-15/a-brief-history-of-park-ing-day" target="_blank">transform parking spaces into mini-parks</a> with grass, potted trees and seating for just the time on the meter, to make a larger point about turning so much public space over to cars.</p><p>Or cities can invest a little more. Minneapolis, Cincinnati and Arlington, Virginia, have won <a href="https://www.tpl.org/parkscore" target="_blank">national recognition</a> for their ambitious investments in public park systems. These areas could serve as models for neighborhoods that lack access to parks.</p>
<div id="25fd0" class="rm-shortcode" data-rm-shortcode-id="383f0d2df0237e9359c30dcce6cd6c42"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1276558744835379201" data-partner="rebelmouse"><div style="margin:1em 0">Looking to safely get outside? Check out the best parks for social distancing in this year's top ten ParkScore citi… https://t.co/HJjEtDsrTD</div> — The Trust for Public Land (@The Trust for Public Land)<a href="https://twitter.com/tpl_org/statuses/1276558744835379201">1593190296.0</a></blockquote></div>
A New Park Deal?<p>The United States has historically driven economic recovery with major infrastructure investments, like the New Deal in the 1930s and the 2009 <a href="https://www.investopedia.com/terms/a/american-recovery-and-reinvestment-act.asp" target="_blank">American Reinvestment and Recovery Act</a>. Such investments could easily include nature-positive spaces.</p><p>Parks are not panaceas, as evidenced by the widely publicized <a href="https://www.nytimes.com/2020/07/06/nyregion/amy-cooper-false-report-charge.html" target="_blank">racist confrontation between a white woman and a Black birder</a> in New York's Central Park in early July. But Hedonometer data add to a <a href="https://advances.sciencemag.org/content/5/7/eaax0903?utm_source=miragenews&utm_medium=miragenews&utm_campaign=news" target="_blank">growing body of evidence</a> that they provide <a href="https://doi.org/10.1073/pnas.1807504116" target="_blank">clear mental health benefits</a>. Creating and expanding parks also <a href="https://www.nrpa.org/contentassets/f568e0ca499743a08148e3593c860fc5/economic-impact-study-summary.pdf" target="_blank">generates jobs and economic activity</a>, with much of the money spent locally.</p><p>We believe investments in nature are well worth it, offering both short-term solace in difficult times and long-term benefits to health, economies and communities.</p>
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New York State Attorney General Letitia James announced Thursday that she will attempt to dismantle the National Rifle Association (NRA), arguing that years of corruption and mismanagement warrant the dissolution of the activist organization, as CNN reported.
<div id="7eb49" class="rm-shortcode" data-rm-shortcode-id="83819841e380a7072ec66d3186c160e8"><blockquote class="twitter-tweet twitter-custom-tweet" data-twitter-tweet-id="1291705003984510977" data-partner="rebelmouse"><div style="margin:1em 0">🚨RESPONSE to #Mauritius #OILSpill 🚨 “Once again we see the risks in oil: aggravating the #ClimateCrisis, as well as… https://t.co/PBLioZat6X</div> — Greenpeace Africa (@Greenpeace Africa)<a href="https://twitter.com/Greenpeaceafric/statuses/1291705003984510977">1596801446.0</a></blockquote></div><p>"There is no guaranteed safe way to extract, transport and store fossil fuel products. This oil leak is not a twist of fate, but the choice of our twisted addiction to fossil fuels. We must react by accelerating our withdrawal from fossil fuels," Greenpeace Africa Senior Climate and Energy Campaign Manager Happy Khambule said in a <a href="https://www.greenpeace.org/africa/en/press/11864/greenpeace-africa-response-to-mauritius-oil-spill/?utm_campaign=oil&utm_source=t.co&utm_medium=post&utm_content=single-image&utm_term=mauritius-oil-spill-reactive" target="_blank">statement Friday</a>. "Once again we see the risks in oil: aggravating the <a href="https://www.ecowatch.com/tag/climate-crisis" target="_self">climate crisis</a>, as well as devastating oceans and <a href="https://www.ecowatch.com/tag/biodiversity" target="_self">biodiversity</a> and threatening local livelihoods around some of Africa's most precious lagoons."</p>
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By Gianna-Carina Grün
While the first countries are easing their lockdowns, others are reporting more and more new cases every day. Data for the global picture shows the pandemic is far from over. DW has the latest statistics.
What's the Current Global Trend?<p>The goal for all countries is to make it to the blue part of the chart and stay there. Countries and territories in this section reported zero new cases both this week (past seven days) and the week before.</p><p>Currently, that is the case for 14 out of 209 countries and territories. </p>
How Has the Covid-19 Trend Evolved Over the Past Weeks?<p>The situation has improved slightly: 87 countries report more cases this week than last week. </p>
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