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Coal is kaput as a major fuel source. Developing countries will still rely on it to a degree, but even their internal populations will be increasingly restive about using a dirty, expensive source for power. The move to the exits for oil and gas investors is speeding up. The bigger the funder, the more concern they have about being left holding assets that can’t repay the long-term loans needed to bring oil fields into production. As banks and other investors see their colleagues turning timid, financing for new giant and mid-size fields will shrink. Best investment prospects will be in modest fields with long-term supply contracts for existing customers or factories already in the pipeline.

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