Tag Archives: Exxon

August 2023 in Review

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Most frightening and/or depressing story: Immigration pressure and anti-immigration politics are already a problem in the U.S. and Europe, and climate change is going to make it worse. The 2023 WEF Global Risks Report agrees that “large scale involuntary migration” is going to be up there as an issue. We should not be angry at immigrants, we should be angry at Exxon and the rest of the energy industry, which made an intentional choice not only to directly cause all this but to prevent governments from even understanding the problem let alone doing anything to solve it. We should be very, very angry! Are there any talented politicians out there who know how to stoke anger and channel it for positive change, or is it just the evil genocidal impulses you know how to stoke?

Most hopeful story: Peak natural gas demand could happen by 2030, with the shift being to nuclear and renewables.

Most interesting story, that was not particularly frightening or hopeful, or perhaps was a mixture of both: There are a number of theories on why “western elites” have not been (perceived to be) effective in responding to crises in recent years and decades. Many have to do with institutional power dynamics, where the incentives of the individual to gain power within the institution do not align with the stated goals of the institution. Like for example, not killing everyone. The possible silver lining would be that better institutions could be designed where incentives aligned. I have an alternate, or possibly complementary, theory that there has been a decline in system thinking and moral thinking. Our leaders aren’t educated to see the systems and or think enough about whether their decisions are on the side of right or wrong.

Exxon Lied

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I’ve talked about Exxon’s accurate climate science going back to the 1970s before. But it’s just worth repeating in the hopes more people will examine the evidence and reach the right conclusion. They knew. They intentionally lied and misled the public and the government. The entire planet is paying the price today and will pay an even larger price tomorrow. Just a reminder that the obvious climate impacts we are just beginning to endure today are the result of emissions decades ago, when Exxon was doing this science and lying to us all. We have not even begun to pay the price for today’s continuing and accelerating emissions.

January 2023 in Review

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We’re now 1/12th of the way through 2023. Is this really the fabulous science fiction future we were promised? Well, at least the Earth is not a smoking ruin, at least most parts of it.

Most frightening and/or depressing story: How about a roundup of awful things, like the corrupt illegitimate U.S. Supreme Court, ongoing grisly wars, the CIA killed JFK after all (?), nuclear proliferation, ethnic cleansing, mass incarceration, Guantanamo Bay, and all talk no walk on climate change? And let’s hope there is a special circle of hell waiting for propaganda artists who worked for Exxon.

Most hopeful story: Bill Gates says a gene therapy-based cure for HIV could be 10-15 years away.

Most interesting story, that was not particularly frightening or hopeful, or perhaps was a mixture of both: Genetically engineered beating pig hearts have been sown into dead human bodies. More than once.

Will oil companies be forced to cut emissions?

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This article from Guardian talks about court cases and shareholder activism that may finally force oil companies to take climate change seriously. Even Exxon which, in my opinion, through its manipulation of the U.S. political system bears significant responsibility for the fact that we have a climate crisis in the first place, or at least for the fact that we have not made a significant attempt to deal with it.

A couple points. When we talk about an oil company “cutting emissions”, I don’t think we are talking about the emissions caused by people and businesses using the product. I think we are talking about emissions used in exploration, production, and transportation of the oil itself. Which is all good, but not the root of the fossil fuel emissions problem which is burning the stuff to liberate energy to do work. The fact that the amoral, possibly psychopathic financial industry is turning on the oil industry means they think we are going to be burning less of it going forward. An oil company that invests in “sustainable investments” other than oil is no longer an oil company. The electric utility industry and nuclear industries are completely different animals with existing players, so Exxon is not just going to take them over. So maybe Exxon will just evolve into some sort of venture capital fund looking for profitable investments for its dollars. And there are already plenty of other companies doing that for it to compete with, so I don’t see why Exxon would be particularly adept at it. If they don’t make it long term, good riddance. See you in hell, guys!

misleading the public about misleading the public

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Rolling Stone (I admit, maybe not the #1 most prestigious, objective journalistic outlet) goes through the history of companies using propaganda to blame consumers that environmental problems are their fault, from smoking to litter to plastic waste (these last two being related) and now global warming.

Selling deadly poisonous products to children for decades gains you admission to one circle of hell. But decades of deliberate propaganda aimed at intentionally destroying nature and civilization to make a short-term profit? It’s the biggest crime in history.

Is Exxon going down?

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We saw the value of coal companies collapse a few years ago, and it doesn’t seem like they are coming back. Could oil be next?

The big picture: Today,ExxonMobil is not even in the top 40 most valuable companies in America. It’s losing money, cutting staff, and stretching to maintain an unsustainable dividend…

Exxon has lost 54% of its value this year alone. That’s some $163 billion. By contrast, Chevron is down 42%, or $95 billion, while NextEra is up 23%, or $26 billion.

Felix Salmon, The Week

This drop in value could be a result of the Covid recession, if you ask me, and oil could come roaring back in the medium term, if you ask me. But the longer term story is one of renewables slowly but surely taking over.

Oil is a product that our civilization wants and needs to function. I don’t really blame companies for producing that product. Governments should have put an appropriate tax on the negative social and environmental consequences of it a long time ago. But there is a special level in hell for Exxon and some of its past leaders, because they knew the reality of global warming decades ago, and their decades of propaganda war against the American public have a lot to do with what many people believe about climate change today, and the failure of our political system to prepare and meet the challenge for at least 20 years, if not 50 years.