A report from the financial auditing firm Deloitte says the “reality is that the shale boom peaked without making money for the industry in aggregate. In fact, the US shale industry registered net negative free cash flows of $300 billion, impaired more than $450 billion of invested capital, and saw more than 190 bankruptcies since 2010.”
Author: Andy Rowell
Both Minnesota and D.C. sue Big Oil for “campaign of deception” over climate change
Big Oil’s decades’ old campaign to deny, deceive and delay action on climate change has been thrust into the spotlight again after the Attorney Generals for Minnesota and the District of Columbia (D.C.) both launched legal action against the industry within 24 hours of each other.
Arctic Heatwave: Region Hits Sweltering Record 100 Degrees Plus Fahrenheit
The Arctic is boiling and the whole Arctic food chain is at risk. It is a stark warning and one that demands an immediate response by politicians and policy makers.
Chevron hires PR company to paint Green New Deal as “racist” — while claiming to support BLM protests
For years Big Oil has repeated the dirty tactics of Big Tobacco. And once again it has been found doing so again.
“Historic moment” as BP writes-off billions of reserves as stranded assets
This is a big moment for Big Oil. Climate reality has finally caught up with BP’s corporate dreamland that it could carry on drilling forever.
COVID-19 crisis accelerating “long-term decline of coal”
Even before the current COVID-19 crisis, coal was in trouble due to its high carbon content, coupled with high costs. But COVID-19 is accelerating that decline. And once coal is gone, it is not coming back.
Post-COVID-19: Norwegian oil industry plans huge offshore expansion after tax break by Gov.
The Norwegian Government has just given lucrative tax breaks to the oil industry to carry on drilling, despite the urgent need to tackle our climate emergency.
COVID-19 Just Recovery: Instead of breaking the “climate-finance doom loop,” governments pour billions into fossil fuels
We have leading experts warning that trillions could be at stake as the fossil fuel industry suffers a terminal and structural decline, but all governments do is pour billions more away on fossil fuels in COVID-19 recovery plans. It is nonsensical. There should be no Big Oil & Gas bailout.
More and more businesses call for a post-COVID-19 just recovery plan
More and more companies do not want to go back. They want a just transition moving forward. We have to make sure now that politicians meet rising corporate and political pressure. There can be no Big polluter bailout. Any post-COVID-19 economic recovery plan has to make central a managed transition away from fossil fuels to a cleaner, more sustainable, more just, future.
“Bold, not incremental” post-COVID-19 action on climate is urgently required from IEA
A letter from leading businesses, scientists and activists demands “bold, not incremental, action” is required from the International Energy Agency on climate change. Hopefully, Dr. Birol and the IEA are listening. For all our futures may depend on their report next month.