Oil Industry: Lip Service or Legitimacy?

A🧡481-word💚under 3-minute💙read

I’ve repeatedly blasted the climate effort for the absurd notion that the world could quickly transition from oil. Worse yet, they doubled down by painting the oil industry as evil incarnate. This is perhaps the worst mistake that climate activists have made, and they’ve made many.

The absurdity of it is mind-boggling. Petroleum products are entwined within every facet of our lives. For better or worse, oil is responsible for molding modern society and providing most of the conveniences that we enjoy.

Instead of suing the industry – which numerous states have endeavored to do – maybe, just maybe, it might be more productive to sit down with industry leaders and find common ground.

Carbon capture is an example.

Oh, I know, carbon capture is bad. It’s a head fake to allow the industry to milk every last dollar from its cash cow.

Absolutely.

It’s their job to squeeze every dollar out of its reserve assets, but that doesn’t mean they aren’t willing to cooperate on climate change.

As far as I’m concerned, the answer to one simple question settles the argument:

Is the world better or worse off if the oil industry reduces its carbon footprint?

The goal should have never been to eliminate oil. It should have been to reduce overall GHG emission levels to stabilize global temperatures. There are myriad ways to accomplish that without achieving a 100% elimination of oil.

Does the world ultimately need to move on from oil?

Yes.

However, as I’ve noted before, that could take a century to accomplish. Do we have a century to solve global warming? No one really knows, but let’s assume we don’t. That means we need to figure out how to accomplish the only goal that matters while oil continues to play a role.

What prompted this rant?

A recent article on ExxonMobil’s effort to bolster carbon capture.

On its recent earnings call the company characterized carbon capture and storage as “probably the biggest thing we’re investing in this year.”

Is that PR spin?

To a degree. But what isn’t PR is the $30 billion of capital expenditures the company plans to spend over the next six years. That’s 10% of the company’s total cap ex.

What’s that you say Mr. and Ms. Climate Activist?

The other 90% will go to producing more oil. Not quite, but probably close.

Here’s another simple question that ends the argument:

What type of world would you wake up to if the production of all oil ended tomorrow?

One where 90% of the world’s vehicles would no longer work. One where the transportation of all good comes to a grinding halt. One where everything made of plastic would end production. One where even the clothes you wear would no longer be available.

I could go on.

More on this and the hypocrisy of the law suits against the oil industry tomorrow.

#fossilfuels #oilandgas #carboncapture