· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on the Financial Times or enjoy below:
🗞️ Driving the news: US shale magnate Harold Hamm is spearheading efforts to attract a younger generation to the oil and gas industry, countering growing climate concerns and perceived job instability
• He recently funded the Hamm Institute for American Energy, emphasizing the long-term use of oil and natural gas
🔭 The context: Amidst a global shift away from fossil fuels, evidenced by agreements at the UN COP28 climate conference, the industry faces declining interest among students in petroleum engineering and related fields
• Initiatives by oil companies like ExxonMobil and Chevron aim to improve the sector's image and attract new talent
🌍 Why it matters for the planet: This push to rejuvenate interest in fossil fuels occurs alongside rising awareness of climate change impacts
• It contrasts with the increasing number of universities eliminating or transforming oil and gas-focused courses to include green energy topics
⏭️ What's next: The industry faces a skills shortage, with declining student enrollment and an aging workforce
• This shortage could impact the development of technologies like carbon capture and storage, crucial for transitioning to cleaner energy
💬 One quote: "Students are concerned about having long-term careers [in oil and gas]." (Jennifer Miskimins, head of petroleum engineering at Colorado School of Mines)
📈 One stat: Enrollment in US petroleum engineering courses dropped from 7,046 in 2019 to 3,911 in 2022, reflecting growing environmental concerns and shifts in career interests among the younger generation. At the same time, the amount of no-experience oil rig jobs is constantly growing
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