October 31, 2016 Read More →

On the Blogs: A Dinosaur ‘Slowly Dying Before Our Eyes’

Andy Rowell for Oil Change International:

For years people have been warning that Big Oil’s business model was fundamentally flawed and was not only putting the climate at risk, but millions of dollars of shareholders’ money.

For years the industry’s critics warned the industry was ignoring the risks of climate change and was just caring on drilling regardless.

But the oilmen did what the oilmen do: find oil and gas, no matter the consequences.

And the worst oil company has been Exxon which for decades has denied climate change and the impact that climate change will have on its business.

For decades it could have invested wisely in renewables but it carried on looking for oil and gas—including unconventional oil which is even more carbon intensive than conventional oil. Its critics warned this was pure folly: but the oilmen carried on drilling anyway.

Big Oil is used to doing things its own way.

The warnings have kept coming, but the boys from Exxon didn’t listen. Oil Change International, 350.org, Carbon Tracker and many others in the #keepintheground movement have been saying for years that large swathes of oil reserves must stay in the ground.

They warned that fossil fuel reserves will become “stranded assets.”

Exxon often dismissed its critics as irrelevant lentil-eating, sandal wearing hippies, who wanted to take humanity back to the stone age.

It quoted Tom Sanzillo, former deputy comptroller of New York State and now head of finance at the Institute for Energy Economics and Financial Analysis saying the company was in the middle of an “irreversible decline.”

Friday’s announcement is further evidence that we are witnessing the beginning of the end of the oil age.

And the great carbon dinosaur Exxon is slowly dying before our eyes.

Big Oil Is in Big Trouble

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