Yesterday saw BP join Shell and Exxon in reporting record profits of $19.3bn (ÂŁ11bn). What the three company results highlight is the fundamental flaw of how they are valued by city investors. As both Shell and BP posted record profits their share price actually went down as the profits were not as large as some … Read More
Oil
Brower on oil addiction
A sustainable society must depend upon renewable resources, which oil cannot be. It must recycle nonrenewable resources, and burned oil cannot be recycled. It needs to restore the base of renewable resources — our forests, soils, cities and human minds.
Old School Profits – More on Exxon Mobil’s fat profits
The news that ExxonMobil has just posted the highest profits in history should bring down to earth those congenital optimists who, for the last 20 years or so, have been claiming that the best way to do well is to do good. ExxonMobil got their record-breaking billions the old fashioned way: through high oil prices.
Exxon Mobil Makes Biggest Profit in Corporate History
Oil giant Exxon Mobil yesterday reported the biggest profit in corporate history- some $36.1bn (ÂŁ20bn) after tax for 2005. The profit was on the back of soaring oil prices. The company’s turnover – some $371bn – would make it the 17th biggest economy, just behind Russia but ahead of Taiwan or Sweden. The obscene profit … Read More
UK Climate Change Strategy “Paralysed”
More on that story of Britain’s stagnated climate change strategy. The Guardian reports how the strategy has “been paralysed for seven months by a dispute between two Whitehall departments.” So yesterday we find out that Blair says climate change is worse than previously thought – the greatest threat facing humanity. Today we read about the … Read More
Meanwhile Shell’s vision is ….. “green fossil fuels”
Whilst everyone else gets excited about the potential for renewable energy, the Chief Executive of Shell, Jeroen Van Der Veer shows a remarkable lack of foresight or imagination. Writing in the Financial Times this week, Van Der Veer outlined his “vision for meeting energy needs beyond oil”.
Two continents: Same message: The solutions are there.
Let’s move on from the last blog about the political will being needed to make technological change. Two reports on two different continents show how we could reduce our oil dependency now, and reduce carbon dioxide emissions given political will and economic investment.
Even James Watt Didn’t Want the Oil Industry to Drill Here – But Bush Does
So the Bush administration has just given the green light to oil and gas exploration in an area of the Arctic that even the hard-line Reagan administration wanted to protect. Frustrated by its failure to open up the Arctic National Wildlife Refuge, the Bush administration has given the green light to open up an area … Read More
BP: Rich Financial Rewards, Great Reputation but at What Cost?
BP is on course this year to announce the largest profits ever by a British company, with annual profits of over $21bn (£12bn). This is despite the company taking a billion dollar hit over the fallout from Hurricane Katrina. The company’s giant windfall is due to the recent high oil prices.
Fat Profits by OPEC Too
BP is not the only one making obscene amounts of money from oil at the moment. The US Department of Energy has forecast that OPEC’s revenues will increase by 10 per cent to a record $522bn this year – this would be the largest in real terms in 25 years.