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Yesterday was a "bad day" for Big Oil & Gas

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"'Powerful signal': In a single day, Big Oil suffers historic blows on climate"



"Big Oil defeats represent a watershed moment in the climate battle"


It shows the growing pressure on oil and gas companies to set short-, medium- and long-term targets that are consistent with the Paris Agreement.



"Big Oil and Gas had a no good, very bad day - The Verge"



Some of the world's largest corporate emitters have suffered a series of landmark boardroom and courtroom defeats, reflecting the waning patience of investors pushing for much faster action to tackle the climate emergency.


In just a few hours on Wednesday, shareholders at U.S. oil giant ExxonMobil supported a tiny activist hedge fund in overhauling the company's board, investors in U.S. energy firm Chevron defied management on a pivotal climate vote and a Dutch court ordered Royal Dutch Shell to take much more aggressive action to drive down its carbon emissions.


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At the same time, the GOP was arguing for keeping fossil fuel subsidies in the infrastructure bill, so at least they can rest assured that the American right will continue to advocate for giving them free money.


Environmental impact aside, I've always marveled at the incredible machine that is the oil industry. The engineering and logistics that it takes to harvest oil from the bottom of the ocean or deep underground, then refine it, and transport it, and finally sell it so ubiquitously around the entire globe for such a low cost is crazy. When people talk about how high the hurdle is to build out an electric vehicle charging network I always think about how much easier that must be than what we already have. I'm not sure if those companies will be able to apply their significant expertise to a more beneficial industry, but if they can figure out how to extract and refine oil and sell it to me at a few bucks a gallon, surely they can tackle other large scale problems.

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On 5/27/2021 at 1:29 PM, TwinIon said:

but if they can figure out how to extract and refine oil and sell it to me at a few bucks a gallon, surely they can tackle other large scale problems.


A not-insignificant reason for that is the reality that most of the world's oil reserves are located in developing world societies that are essentially autocratic kleptocracies/kakistocracies where the cost of labor to extract it is suppressed in order to feed the bank accounts of the ruling elite.  This is to say nothing of the non-existent environmental standards.


If the actual value of labor and costs of environmental enforcement were reflected in the price of gasoline, you could be damned sure it wouldn't be $2.39/gallon.

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