As energy pioneers disrupt that market towards clean tech, Trump and his fossil fuel buddies cling to a by-gone age of fossil fuels. But we must not let them destroy America’s “crown jewels” in what could be one of the last destructive acts of the hydrocarbon age
These are dangerous days for the climate. Not only do we have a climate denier in the White House, we have one in the Kremlin too.
For years it has been apparent that the days of the oil industry finding so-called “easy oil” are over. And in its desperate attempt to continue our fossil fuel addiction, the industry is either attempting to exploit unconventional oil, like shale or the tar sands, or explore in new frontier areas like the Arctic.
When sanctions were placed on Russia, Exxon left behind the potential to produce billions of barrels of oil. Secretary of State appointee Rex Tillerson could be in a position to secure that prize for Exxon.
In the past three years, the North American and European commercial and investment banking sector has engaged in fossil fuel financing practices that are deeply at odds with the global climate agreement reached at COP 21 last December.
Great news for those fighting Big Oil in the Arctic, as after spending a whopping $2.5 billion for drilling rights in US Arctic waters, oil companies such as Shell and ConocoPhillips have quietly relinquished their rights to some 2.2 million acres.
The leading Russian oil company, Rosneft, is currently under investigation by the Prosecutor’s Office on the Russian island of Sakhalin for a large oil spill which occurred last week.
There was more good news from the Arctic yesterday, when Norwegian oil company Statoil announced it was “exiting” the region, following recent exploration results in neighbouring oil and gas leases.
Twenty four hours after Shell’s seismic announcement that it was pulling out of the Arctic “for the foreseeable future” the announcement is still making waves.
Irony. You have got to love irony. Just imagine, in a cartoonish kind of way, that there is a climate villain out there defying all logic and reason and hurting the planet at its most vulnerable point.