20. Oil

20. Oil

You probably don't buy a lot of oil directly from the people who extract it from the ground, and nor do most people. The oil industry is at threat from the young though - and that's because nobody wants to work in it. For decades, people who work in the oil industry have been painted as greedy and corrupt. Oil has also been seen as the cause - or at least a factor - in many armed conflicts all over the world. Factor in the fact that millennials are also more interested in renewable energy that fossil fuels, and you have a ticking timebomb for the oil industry.

We suspect that oil companies will always find people willing to work for them, but if the next generation decides to opt for renewable energy instead of oil in a big way, it won't take long for profit margins to get squeezed. A drop in the demand for oil would have an enormous impact on the global stock market, but to millennials, that's better than allowing oil companies to continue as they are.

NEXT

Did You Know...

I

Not all celebrities have fame and fortune, some are just famous – and in a ton of debt. They came from rags to riches, then went back to rags. Whether they’ve filed bankruptcy, ended up in court, or just can’t stop spending, celebrities mismanage their money just like everyone else. They just hide it well.

II

50 Cent coined the term “wanksta,” then “partied like it was his birthday” until he filed Chapter 11 bankruptcy in 2015. The rapper was said to be anywhere between $10 million and $50 million in debt. In 2016, a federal bankruptcy court judge in Connecticut approved a plan for the founder of G-Unit to pay his debts back. He was able to get his bankruptcy discharged in February of the following year.

III

Following a 45-year-long career in Hollywood, acting in more than 70 films, actor Gary Busey found himself in more debt than he was worth. In 2012, it was reported that Busey owed between $500,000 and $1 million worth of debt, but only had $50,000 to his name. The 74-year-old actor owed money to hospitals, banks, the L.A. Waterworks District, and even a storage company. He filed Chapter 7 bankruptcy that same year. Despite his longstanding career in Hollywood, Busey's net worth is now only $500,000.

IV

Burt Reynolds is still worth five million dollars, but his battles with debt date back more than 20 years. Between bad investments and a pricey divorce from actress Loni Anderson, the 1970s superstar had to deal with over $10 million in debt and decided to file Chapter 11 bankruptcy in 1996. While testifying in a 1994 custody hearing, the South Florida native said he spent $40 million getting through his divorce.

V

The former Hollywood bad boy, Charlie Sheen owes the IRS nearly $5 million. But that's not all. In 2016, his net worth was reportedly still as high as $150 million, but he was nonetheless $12 million in debt at the time – including mortgages, legal fees, and taxes. That same year, Debt.com reported Sheen owed nearly $300,000 on an American Express card alone.

NEXT


Copyright © 2024 CultureHook