The oil and gas sector, once worth a combined $3 trillion, is now worth less than Apple’s $1.5 trillion market capitalization. If it wanted, the Cupertino, California technology company could purchase the world’s most expensive private oil and gas firm, ExxonMobil, for $198 billion with cash to spare.

曾經(jīng)，石油天然氣行業(yè)總價值為3萬億美元，但現(xiàn)在卻低于蘋果1.5萬億美元的市值。這家位于加利福尼亞州庫比蒂諾的技術(shù)公司如果愿意，它可以收購全球市值最高的私人石油天然氣公司�？松�美孚公司，還能剩1980億美元。

That’s quite a reversal of fortunes. For years, the oil and gas industry delivered consistent returns to Wall Street. Its lucrative dividends, around 6% at leading firms, gave investors a reason stick with the stocks despite a darkening outlook and the looming threat of climate policies. With oil hovering around $60 per barrel, nothing seemed to phase investors.

真是命運輪回。石油天然氣公司多年來持續(xù)為華爾街帶來收入。約占龍頭企業(yè)利潤6%的豐厚紅利讓投資者在前景黯淡和氣候政策會造成威脅的情況下，仍堅持投資股票。穩(wěn)定在60美元每桶的石油價格似乎牢牢抓住了投資者。

But in 2016, fracking opened up the taps on cheap US shale oil. Then the coronavirus pandemic crushed demand just as a price war between Russia and Saudia Arabia flooded the world with cheap oil. That drove the price of benchmark crude, briefly, into negative territory, and it now hovers at about $40 per barrel, where it seems destined to stick.

但在2016年，水力壓裂法打通了美國廉價的頁巖油的渠道，疫情又降低了人們的需求，俄羅斯和沙特阿拉伯之間的價格戰(zhàn)讓全球石油價格下跌。這就是使得標準原油的價格暫時出現(xiàn)負增長，現(xiàn)在每桶價格穩(wěn)定在40美元，而且似乎還要持續(xù)一段時間。

With oil prices now far below what many non-state-owned oil firms need to make a profit, massive job losses have struck the US industry as production is curtailed. Royal Dutch Shell slashed its dividend by two-thirds, the first time in 80 years.

現(xiàn)在的石油價格遠不能讓很多非國有的石油公司獲利，美國工業(yè)因為減產(chǎn)造成大量人員失業(yè)。荷蘭皇家殼牌集團股息降了三分之二，屬80年來首次。

The oil and gas sector has now underperformed the S&P 500 market index for years. It lags behind performance of renewables, too. While the decline began in 2015, the last year has seen oil and gas stocks drop by 35% just as shares in major renewable firms have risen by the same percentage.

石油天然氣行業(yè)的行情已經(jīng)多年不及標準普爾500指數(shù)，也比不上可再生能源。雖然從2015年就開始下滑，但去年石油天然氣行業(yè)的股票下跌了35%，而大型可再生能源公司的股票上漲了35%。

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資料來源華課網(wǎng)校校老師主講教材精講班課程，完整講義下載進入個人中心>>