Showing posts with label Big Oil. Show all posts
Showing posts with label Big Oil. Show all posts

Friday, October 28, 2016

Exxon Finally Admits Global Warming Is Stranding Its Assets

Exxon Mobil is finally admitting to investors that billions of barrels of oil may be stranded assets - too expensive & too destructive to our climate to ever drill out & sell. That's after decades of deceiving the public on global warming. For the 3rd quarter of 2016, profits fell 38%.

"Oil companies are admitting the future isn't oil," tweets the Wall Street Journal's Christopher Mims. "Think of all the nations, not just stocks, this puts into terminal decline." 

And states - what about the budgets of Alaska, North Dakota, Louisiana, Texas and other places that are so heavily dependent on oil revenue?

Tuesday, August 6, 2013

When Richmond, CA Fights Big Oil, Chevron Fights Dirty

Thinking about hosting an oil pipeline, refinery, fracking operation, etc. in your town? Better hope everything goes smoothly. If it doesn't, as The Rachel Maddow Show reports, Big Oil is ready to get personal:

Thursday, February 14, 2013

Happy Valentine's Day, Big Oil

Apparently penguins sound like Woody Allen and polar bears sound like union guys. Who knew?

Thursday, October 4, 2012

Big Bird vs. Big Oil

The climate crisis didn't come up in last night's presidential debate as moderator Jim Lehrer made sure Barack Obama and Mitt Romney wandered aimlessly from how much to destroy Social Security & Medicare to reduce the deficit to how many federal workers to lay off to reduce the deficit.

But Mitt Romney had another idea to cut the deficit: Fire Big Bird. It was a ZINGER!! so effective that pundits are already asking whether it will blow the bounce Romney may have otherwise received.

There's just one thing Romney won't do to cut the deficit: Ask incredibly rich people or rich corporations (or rich corporate people) to give up a dime in tax breaks or subsidies. That prompted Oil Change International & The Other 98 Percent to team up on the infographic of the night:

Wednesday, September 26, 2012

Most House Republicans Skip Tea Party Attack on Clean Energy

Wind FarmingThis week, 47 House Republicans sent a letter to House Speaker John Boehner asking him to let key federal incentives for wind energy expire. The list of sign-ons range from swing seat Republicans desperate to fire up the Tea Party base (Maryland's Andy Harris) to genuine wackos (Texas' Louie Gohmert).

But what's most notable is how many Republicans refused to sign the letter - 194 House Republicans refused to sign on:
Although GOP districts hold 81 percent of the nation’s wind power capacity, Republicans are deeply split on investing in wind (Mitt Romney, for example, drew criticism from fellow Republicans for opposing the PTC). Boehner’s home state supports up to 6,000 wind jobs.

The GOP remains less divided on issues favoring Big Oil.

Of the 47 Republicans asking Boehner to end the wind investments, 46 voted in March 2011 against closing tax loopholes that let Big Oil collect $4 billion in annual subsidies. The one outlier, GOP Rep. Richard Hanna, was a no-vote that day. According to OpenSecrets, these representatives have received a total $2.2 million from the oil and gas industry, in an election cycle where Republicans have collected 89 percent of the oil industry’s contributions. Republicans have maintained these tax breaks are “essential” to an industry posting record-breaking profits.
According to the Tea Party, $5 billion a year to back hundreds of thousands of jobs harvesting clean, domestically-produced wind energy? Unaffordable! The billions we shovel to already-massively-profitable oil companies even though the top 5 oil companies alone banked $137 billion in profit just last year? Indispensable!

It's just more proof the Tea Party is a fraud. They don't care about fiscal responsibility or keeping the boot of big government off the little guy's neck - they care about whatever their billionaire corporate funders tell them to care about.

Tuesday, September 4, 2012

Impact Of Polluter Spending On Energy Policy Can't Be Ignored

Deepwater Horizon on fire April 22, 2010It's always interesting when reporters try to make sense of politicians' energy positions while ignoring the influence of money in politics.

At the Washington Post's WonkBlog today, Brad Plumer says the Democratic platform is getting more oil- & coal-friendly because ... maybe locking in $4 a gallon gasoline with expensive "unconventional oil" isn't so bad? And jobs or something?

But energy policy isn't created in a vacuum - it's caught in the current of a river of oil money. Oil barons continue pouring ungodly amounts of money into bullying politicians:
The Koch brothers-backed nonprofit Americans for Prosperity and pro-Mitt Romney super PAC Restore Our Future combined to spend about $23.4 million against President Barack Obama during the second half of August.

That’s nearly 10 times the $2.44 million that Priorities USA Action, the main super PAC supporting Obama, spent against Romney, federal records show.
Now, one might think such spending would make Democrats fight for clean energy that much harder. But many Democrats still think appeasement works, and in some ways, that's reflected in the party platform. (Note that climate change is mentioned 18 times in the Democratic platform, so Democrats aren't exactly running away from tackling the climate crisis.)

Since 1990, energy & natural resources industries (mostly Big Oil, electric utilities & mining companies) have combined to give $640 million directly to candidates, a greater majority going to Republicans with each passing year. And in the last 15 years, electric utilities and oil & gas companies have combined to pour $3 billion dollars into lobbying.

All that money doesn't just influence politicians. How many polluter-funded commercials - from Koch-sponsored political ads to BP's image-scrubbing spots - does the average American see in a given week? Dozens?

Thursday, August 23, 2012

Mitt Romney & Paul Ryan Pledge to Put Oil Above All

An analysis of the Mitt Romney & Paul Ryan "energy" plan from the League of Conservation Voters:
  • Number of Pages: 21 
  • Number of Words: 10,272
  • Mentions of Oil: 154
  • Mentions of Wind: 10 (5 of them Negatively) 
  • Mentions of Solar: 14 (4 of them Negatively) 
  • Mentions of Wind Energy Production Tax Credit: 0
  • Mentions of Climate Change:
  • Mentions of Romney’s Plan to Continue Oil Subsidies:
  • Mentions of Oil & Gas Interests Donating More Than $2,600,000 to His Campaigns: 0
  • Mentions of Koch Brothers Pledging to Spend $200,000,000+ to Elect Him: 0
Check out a more detailed analysis of the Romney-Ryan oil-above-all plan from the Center for American Progress.

Monday, August 20, 2012

Arctic Ice Cap Collapse: Where Polar Bears See Crisis, Big Oil Sees Opportuniy

Global warming is pushing Arctic Sea ice cover towards new record lows:
The area of ocean covered by ice shrank to 4.93 million square kilometers (1.9 million square miles) on average for the five days through Aug. 15, according to the latest data from the U.S. National Snow and Ice Data Center in Boulder, Colorado. With as many as five weeks of the annual melt season left, it’s already the fourth-lowest annual minimum ever measured.

“Unless the melting really, really slows down, there’s a very real chance of a record,” Walt Meier, a research scientist at the NSIDC, said in a telephone interview. “In the last week or so it’s dropped precipitously. There’s definitely a chance it’ll dip below 4 million square kilometers.”

The shrinkage is the most visible sign of global warming according to Meier, and raises the prospect that the Arctic Ocean may become largely ice free in the summer. That opens up new shipping routes and is sparking a race for resources that’s led to Cairn Energy Plc (CNE) and Royal Dutch Shell Plc (RDSA) exploring waters off Greenland for oil and gas.
Needless to say, the combination of melting ice and new drilling would be double trouble for America's polar bears.

So to recap, global warming driven by carbon emissions from the burning of fossil fuels is melting the Arctic ice cap, and how do we react? By letting the oil companies that have made huge profits from their ability to release unlimited carbon pollution (and used those profits to fight climate science) move into the melted areas to drill for more fossil fuels.

Meanwhile, Congress is reacting to drought conditions approaching Dust Bowl levels by moving to gut post-Dust Bowl soil conservation programs. If Jared Diamond wants to write a sequel to Collapse we're giving him plenty of material.

As CREDO Action says, "The Arctic has never been drilled for oil, not even under President George W. Bush." Will President Barack Obama be the one to sign the order? Tell President Obama to say no to Arctic drilling.

Thursday, August 16, 2012

New Ad Highlights George Allen's Work for Big Oil

Hey, Virginians! Do you want a senator who's signed a pledge to protect special interest tax giveaways for multinational corporations that are already massively profitable? Well then let the Majority PAC & League of Conservation Voters tell you about George Allen:

 

Thursday, May 31, 2012

North Dakota Faces Oil and Gas Drilling Revenue Trap

Drilling the Bakken FormationAre communities really making money off of oil and gas drilling if they have to spend nearly all of the tax revenue building infrastructure to support oil and gas drilling?
The state should invest up to $5 billion in northwest North Dakota communities with the most oil activity, the president of the North Dakota Petroleum Council said Wednesday.

Ron Ness, while testifying to a group of legislators meeting in Williston, said communities need significant resources to do long-range planning, but the state’s grant program for those areas is only helping them react. Ness called for a five-year plan with $800 million to $1 billion per year invested in schools, roads and infrastructure for communities in the core areas of the Bakken. [...]

The industry paid $1.3 billion in oil and gas production tax last year, and will pay even more this year, Ness said. Those dollars should be targeted at the counties with the greatest oil activity, he said.
It makes oil and gas drilling sound like a Ponzi, doesn't it? You'll make lots of money eventually, but only if you keep re-investing! As places like Virginia consider whether to allow oil and gas drilling, politicians like Gov. Bob McDonnell make it sound like every penny of tax revenue will go to existing roads and schools. But if the oil and gas industry expects the money to be spent on supporting the industry, how much will really be left for your community?

And that's to say nothing of the societal costs. "Just about anybody I talk to that's a neighbor — and some of them are getting wealthy — are sick of it. It's never going to be the same in this country, and they're starting to realize that we had it kind of good, even though we weren't No. 1 in oil and we weren't the No. 1 state economically," North Dakota rancher Donnie Nelson told NPR. "We had a good life up here."

Wednesday, May 2, 2012

Why Mitt Romney Loves High Gas Prices

Mitt Romney profits twice from high gas prices - Mitt can pander to your anger, then his Big Oil friends pump the money you pay at the gas station right back into Mitt's tank. That's according to an op-ed in Politico today by the League of Conservation Voters' Gene Karpinski & Priorities USA Action's Bill Burton:
Record profits now give oil executives even more cash than usual to spend on advancing their political agenda — and that begins with electing Romney. In fact, Big Oil executives pledged more than $200 million to aid Romney’s campaign and defeat Obama.

What does Big Oil get in return for its $200 million investment in Romney? It gets to keep its billions in special tax breaks every year. So middle-class families pay twice — high gas prices when they fill up the tank and $4 billion in taxpayer-funded subsidies for an industry where the top five companies combined made $137 billion in profits last year.

At the same time, Big Oil gets one of its own dictating Romney’s energy policy. Harold Hamm, Romney’s top energy adviser, is a billionaire oil executive who says clean energy is a “magical fantasy” and wants high gas prices. He admitted as much when he declared in 2009 that cheap oil would be a “disaster.”
Mitt Romney's magical gas price prescription: More drilling! And Virginia GOP Senate candidate George Allen is just as deeply snuggled in Big Oil's back pocket. But here's the problem - even Romney's own economic team knows that wouldn't lower gas prices or help the economy.

Tuesday, April 10, 2012

Oil Executive Leads Attack on Climate Scientist Jim Hansen

Oil executive H. Leighton Steward is helping a group of former NASA employees push a letter attacking climate scientist James Hansen (sub. req.), head of the NASA Goddard Institute for Space Studies:
Leighton Steward, a retired oil industry official who is chairman of the nonprofit groups Plants Need CO2 and CO2 is Green, said the coalition formed a few weeks ago. He had given presentations to the NASA retirees last year meant to underscore that empirical data don't echo the dire predictions of climate modeling espoused by Hansen and others.

"We've been trying to tell people that there's a lot of great benefit in CO2 in the atmosphere," he explained to POLITICO. Steward emphasized that he did not organize the coalition of NASA retirees nor is he a spokesman for them.
First, the obvious: The "extra CO2 is good for plants" argument is completely nuts, unless you enjoy wildfires and think Virginia Beach would look better under 30 to 90 meters of seawater.

As for H. Leighton, I know why he likes to call himself "retired" - makes him seem like he's not the active part of Big Oil that he really is - but I'm not clear why Politico reporter Darren Goode repeats it here. Steward is a member of the board of directors of oil & gas company EOG Resources, where he's made millions of dollars.

H. Leighton is also trying to have it both ways on ownership of the letter. He told Goode he didn't organize it & isn't a spokesman, but hours later he emailed his PlantsNeedCO2.org list bragging about "our announcements" and media appearances:
Our announcements below include the actual letter and signatories. The letter speaks for itself.  We will update this with media interviews in which we are fortunate to participate.  
The list itself also deserves some scrutiny. I picked out just one name, the only listed "meteorologist," Thomas (Tom) Wysmuller, who's listed as "Johnson Space Center, Meteorologist, 5 years." But a quick Google search turns up Wysmuller's website, which says "at different times in his life, Tom has been" both "a Meteorologist" and "a NASA Intern." If Wysmuller was a NASA meteorologist for 5 years, why wouldn't his own website say so? Another Wysmuller bio that says had a "dual major in sociology and political science, and a concentration in meteorology at NYU" - how meteorology fits under sociology & poli sci, I'm not sure - and that he was an "an intern and jack-of-all-trades for NASA."

If the letter so significantly overstates the credentials of the one signer I looked into, how many other overstatements are there? They didn't exactly strike one climate scientist as experts:
Texas A&M atmospheric sciences professor Andrew Dessler told POLITICO that he did in fact meet with the 75 or so retirees at Goddard last October — along with University of Houston professor Barry Lefer and fellow Texas A&M professor John Nielsen-Gammon — and came away less than impressed. 
“These people are well meaning, but they don’t seem to realize that climate science takes years of full-time work to actually get to know,” he said. “They really don’t understand anything about the climate system. They understand less than the first-year grad students that come out of my classes.”
We're well past the point of needing fancy computer models to understand global warming - just look at the thousands of temperature records that fell in March. It's time for action.

Friday, March 30, 2012

Talking Oil Subsidies with Thom Hartmann

I got invited to join The Big Picture with Thom Hartmann last night to talk oil subsidies and clean energy as part of my day job with the National Wildlife Federation. How'd I do?

 

Wednesday, February 8, 2012

Your Tax Dollars at Work: More Money on the Profit Pile for Multinational Oil Giants

Don't think we should be giving away billions in our tax dollars to oil companies already making massive profits by polluting our air & water? Tell your members of Congress it's time for a change.

Tuesday, December 13, 2011

Will GOP Demand Drug Tests for Coal and Oil Subsidies?

Spirit of Freedom 2011 Jim ClyburnSteve Benen flags this quote:
South Carolina Rep. Jim Clyburn, a member of House Democratic leadership, told POLITICO he rejects a host of the top Republican offsets, illustrating the tricky path Democrats must travel when negotiating with the GOP.

“I have a real problem with what I consider a penalty to the federal employees; I got a real problem with the mandated drug testing for unemployment insurance,” he said Monday, citing an extended federal pay freeze and a favorite conservative change to jobless benefits. “We don’t demand drug testing for people getting farm subsidies.”
Will the GOP be demanding the CEO of Exxon Mobil be drug tested before Big Oil gets the billions of dollars in subsidies that the GOP supports? What about for nuclear power industry executives and the billions in subsidies House Speaker John Boehner (R-OH) has asked for? How about here in Virginia, where tens of millions of dollars in subsidies for mining & burning coal are handed out each year - will Gov. Bob McDonnell & Attorney General Ken Cuccinelli be forcing Dominion Virginia Power CEO Tom Farrell to fill a Dixie cup to prove he's clean?

Of course not. Republicans only want to bully the least powerful & most vulnerable among us in the 99%. The 1% can keep collecting their huge taxpayer subsidies, no questions asked.

Monday, November 21, 2011

Reminder: Chevron Still Thinks You're Stupid

If Chevron took all the money it spent on greenwashing commercials and invested it renewable energy, how much progress might've been made by now?

Chevron spent less than $1 billion on renewable energy in 2006 & 2007, under 4 percent of its total capital and exploratory expenditures. Meanwhile, Chevron made nearly $8 billion in profit in just the months of July, August & September this year.

Meanwhile, Chevron has spent more than $50 million on lobbying in recent years to fight a clean energy & climate bill, attempt to gut the Clean Air Act, and strip laws that protect communities from the dangers of fracking. Chevron also created one of the worst environmental catastrophes in history, dumping 18.5 billion gallons of toxic waste in Amazon rainforest streams. And Chevron is responsible for a new oil disaster off Brazil.

But Chevron's hoping you focus on its empty words, not its dirty deeds:

Thursday, November 3, 2011

This is What Media Selling Out to Big Oil Looks Like

Gee, you don't think the U.S. News Debate Club has left itself open to accusations bias on the topic of Arctic drilling, do you?


Note that I had to close the full-screen Shell Oil pop-up ad just to take the screen shot of the U.S. News Debate Club sponsored by Shell Oil featuring additional sidebar ads for Shell Oil.

Royal Dutch Shell just received rights from the Obama administration to drill in the Arctic Sea (with a comically bad oil disaster response plan.)

When you talk to journalists about this stuff, they get REALLY defensive. Of course I don't let the sponsors who support my salary influence my coverage!

But a referee would tell you home crowds don't influence calls, either - and studies show they do.

"We Can't Quit Dirty Fuels Today": Enabling America's Oil Gluttony

Let's say you had an overweight coworker. One who repeatedly professed to be desperate to lose lots of weight. But you walked into the break room day after day to find him chowing down on Outback Steakhouse Aussie Cheese Fries with Ranch Dressing. Finally, you decide you have to say something. "Hey, Sam. If you really want to lose weight, why don't you ease off on the cheese fries?"

"What, you expect me to lose 100 pounds today?" your coworker scoffs between greasy bites. "It's going to take years to lose all that - I can't possibly stop eating right now."

Now as President Obama considers whether to green light a ranch dressing tar sands pipeline, some are warning against putting America on an oil crash diet:
[Third Way's Josh] Freed says you can't just pull the bottle out of the baby's mouth.

"Because the baby still needs to eat, and right now virtually every car and most of the trucking fleet in the United States relies on either gasoline or diesel fuel, and you can't switch over in one year or five years or 10 years," he says. "It's going to take a long time."
America: A helpless baby suckling at Big Oil's teat. Somehow I don't see that becoming the new slogan for TransCanada, the company behind the proposed Keystone XL tar sands pipeline.

But who's arguing we should get off oil "in one year"? Reminds me of Tim Kaine's line that Virginia can't stop using coal today - a treehugging straw man set up to make the speaker look "centrist." It's a strategy David Roberts calls hippie punching:
Ever since the perceived successes of Bill Clinton's triangulation and the ascendency of the New Dems, the road to acceptance on the left has been paved with hippie punching. To be legit, one must signal to one's peers that one is not like those liberals, the old-fashioned, soft-headed, bleeding-hearted, slogan-shouting kind. One is a Pragmatist, not a Partisan, a traveler on the Third Way, not on the old, boring Left Way, a hard-headed, practical sort, not some kind of dippy dreamer. This pose is incredibly attractive to people whom I've called (clumsily, I grant you) "characterological centrists" -- folks who want to be, and be seen as, free-thinking and reasonable. What better way to demonstrate one's transcendence of mere partisanship than by rejecting the partisans with which one is most naturally associated?
Forget cold turkey. Aside from President Obama's moderate strengthening of fuel economy standards, what are we doing to even reduce our incredibly costly oil addiction? America's oil trade deficit was $265 billion in 2010, meaning we sent a net of $2,400 for each American household to other countries to buy their oil. And that doesn't event begin to consider the hundreds of billions we spend on the military to protect oil interests, the cost of oil disasters, or the cost of air pollution. How many people go around complaining about how we're burdening our children with the national debt without talking about how little we're doing to ease our oil addictions and the trillions in long-term cost that go along with it?

A sensible first step to reducing our oil addiction would be to stop putting new needles in our veins. I hope you'll join me & thousands of other Americans at the White House on Sunday November 6th at 2pm to ask President Obama to reject the proposed Keystone XL tar sands pipeline.


Image via LeMay Gallery

Tuesday, August 2, 2011

Mark Warner Thinks Disabled Seniors, Not Big Oil, Should Sacrifice to Balance Budget

Mark WarnerSen. Mark Warner's "Gang of Six" budget plan would've repealed the CLASS Act, part of the 2010 health reform law designed to help seniors who need help with daily tasks such as bathing and dressing. Who does Sen. Warner think should not be asked to sacrifice? Wildly-profitable oil companies:
On Thursday, a handful of Senators wrote a letter (PDF) to President Obama that stated, “as you continue your negotiations, we urge you to remember the oil and gas industry is part of the solution.” Or, in other words, don’t single out big oil companies and their taxpayer subsidies as a way to reduce the deficit.

These nine Senators—six Republicans and three Democrats—have received $7.1 million in oil and gas industry cash during their career in Congress, according to our analysis of data from the Center for Responsive Politics. [...]

Ending oil subsidies didn’t make it into the tentative default deal reached over the weekend, but as Congress looks to create a commission to enact further deficit reduction measures, it’ll be important to watch what influence Big Oil and other industries will exert on the process.
Sen. Warner himself has received a smaller amount of oil & gas money relative to his oil state co-signers. But it's interesting to note the letter he signed onto tries to pass off as fact the oil & gas industry's claim to be "supporting over 9 million jobs." Just 2 years ago, the oil & gas industry was only claiming to employ less than 1.8 million people & support 4 million more. So either the oil & gas industry's share of jobs has shot up by more than a third in the midst of nationwide stagnant employment, or they now feel the need to fudge their numbers because clean energy employs more than 2.7 million Americans, 50% more than the oil & gas industry had claimed 2 years ago.

After his Gang of Six failed, Sen. Warner now wants a seat on the debt commission. Our Democratic leaders shouldn't pick someone who'll be fighting to protect Big Oil subsidies while trying to slash our social safety net.