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Why We Have To Kiss Off Big Carbon Now
mdsolar writes When the fossil-fuel divestment movement first stirred on college campuses three years ago, you could almost hear Big Oil and Wall Street laughing. Crude prices were flirting with $100 a barrel, and domestic oil production, from Texas to North Dakota, was in the midst of a historic boom. But the quixotic campus campaign suddenly has the smell of smart money.
One of the biggest names in the history of Big Oil – the Rockefellers – announced last September that they would be purging the portfolio of the Rockefeller Brothers Fund of 'risky' oil investments. And that risk has been underscored by the sudden collapse of the oil market. After cresting at more than $107 in mid-June, the price of a barrel of West Texas Intermediate dipped below $50 a barrel in early January. The crash carries big costs: Goldman Sachs warned that nearly $1 trillion in planned oil-field investments would be unprofitable – even if oil were to stabilize at $70 per barrel.
One of the biggest names in the history of Big Oil – the Rockefellers – announced last September that they would be purging the portfolio of the Rockefeller Brothers Fund of 'risky' oil investments. And that risk has been underscored by the sudden collapse of the oil market. After cresting at more than $107 in mid-June, the price of a barrel of West Texas Intermediate dipped below $50 a barrel in early January. The crash carries big costs: Goldman Sachs warned that nearly $1 trillion in planned oil-field investments would be unprofitable – even if oil were to stabilize at $70 per barrel.
Some of us are doing quite a lot ourselves, actually. Starting a couple years ago I actually started refusing to commute to do work that can be done just as well over the internet. Sure, it meant turning down some jobs, but it also cut my total miles driven per year (at low speed in stop-and-go traffic no less) by thousands, and my total gasoline consumption by a factor of over 90%, and though I didn't plant a tree (I don't own any land to plant it on), I did plant an herb garden on my balcony.
I am not a greenie and I don't tell others what they should or should not do but...
I don't consider myself a "greenie" either honestly, but I'd be remiss if I didn't point out that you totally just did tell us all what we should and should not do. I'm not disagreeing with what you're saying we should and should not do either, I'm just saying you did tell us exactly that, and you're not the only one doing it. There are lots of us, and the numbers are quietly growing. The telecommuting revolution is long overdue.
in a world where a producer sees the end of its market on the horizon, then every barrel sold at a profit is more valuable than a barrel that will never be sold. Current Saudi oil minister Ali al-Naimi had this to say about production cuts in late December: "it is not in the interest of OPEC to cut their production whatever the price is," adding that even if prices fell to $20 "it is irrelevant." Implied, if not explicitly stated, is that Saudi Arabia wants its oil out of the ground, regardless of how thin its profit margin per barrel becomes. - http://www.nasdaq.com/article/...