Guest “I couldn’t make this kind of slate up if I tried” by David Middleton
How Big Oil is Preparing for a Fossil Fuel Life
European oil companies are aggressively investing in clean energy while their North American counterparts are doubling their fossil fuels
Brayden Gerrard 1 day ago · 6 min read
Not long ago, the idea that oil companies would invest heavily in clean energy seemed like a pipe dream.
European oil companies rely on renewable energies
North American industry more skeptical
While European companies are making significant investments in clean energy, North American oil producers are less convinced.
Big American companies are even more skeptical. Neither Exxon Mobil nor Chevron have a significant portfolio of renewable energy assets, although Exxon Mobil has signaled that it will start making some green energy investments soon. ConocoPhillips recently doubled its stake in US shale with a $ 9.7 billion acquisition of Concho Resources.
Instead, American producers are investing in CO2 capture. They hope that oil and gas will remain dominant in the energy mix for years by making the production process less emission-intensive.
A transition in the early stages
To be clear, all of the companies described here, except Orsted, still rely primarily on fossil fuels to generate their sales. With 84% of the world’s energy consumption coming from fossil fuels, it should come as no surprise that the world’s largest energy companies also produce these primarily. It’s also true that most of their capital expenditures are still used on fossil fuels – only 6% of their investment in clean energy by the largest companies in 2020. Most oil CEOs claim that oil and gas will play a big role a long time to come.
OK … European oil companies are “preparing for a fossil fuel life” by stopping being oil companies because apart from the North Sea, Europe has very few oil and gas resources and insane environmental Marxist governments. While American oil companies are “preparing for a fossil fuel life” by “doubling down on fossil fuels” … despite the fact that the current White House resident was an idiot before becoming a demented enviro-Marxist babbler idiot … Because North America is abundant in oil and gas, and we know that there is no such thing as “life on fossil fuels” … There is only hunger and frost in the dark.
“A transition in the initial phase”
If? We haven’t switched from biomass to fossil fuels. We still use as much biomass to generate energy as we did 200 years ago.
There is no way for 8 billion people to lead a long, healthy and promising life in the foreseeable future, unless the massive global consumption of CO2-emitting fossils not only continues but increases.
Besides providing about 85% of our energy, making the planet a little warmer and a lot greener, what else have fossil fuels been supplying?
There has never been an energy transition; one is still in progress now. We just add more energy sources to the mix.
When governments and the financial sector demand affordable, reliable energy and drastic cuts in carbon emissions, the oil and gas industry will figure out how to deliver it. If they ask us to starve and freeze in the dark to make them feel better with the weather, maybe they are simply learning the meaning of Thomas Jefferson’s Tree of Liberty Letter.
The tree of freedom needs to be refreshed from time to time with the blood of patriots and tyrants.
In the meantime…
Data laugh at Brayden Warrd!