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Exxonomics 101

“You don’t need 100,000 marines to secure windmills in North Dakota.” The New York Times, which is quickly becoming to print media what Fox is to television news, has done what no first year news stringer should do. It buried the lead. It buried the lead on what is likely to become one of the most important stories of all time. Hidden in the science section of its November 6th daily edition is this headline from a story by Clifford Kraus: More Oil Companies Could Join Exxon Mobil as Focus of Climate Investigations. Kraus’s lead is: HOUSTON — The opening of an investigation of Exxon Mobil by the New York attorney general’s office into the company’s record on climate change may well spur legal inquiries into other oil companies, according to legal and climate experts, although successful prosecutions are far from assured. The story goes on to describe the […]

Posted On : Published By : Tom Whipple
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The Oil Industry Has Been Put on Notice

There were two huge developments today, both for the oil industry and the earth’s climate. New York’s top lawyer issued a subpoena to Exxon, seeking information on whether the world’s biggest oil explorer deceived the public for almost 40 years about climate change. Hours later, President Obama announced that the U.S. would reject the Keystone pipeline. The rejection of Keystone is more symbolic than substantive. The pipeline would have added $3.4 billion in economic growth but contributed to climate change by speeding up production of oil-sands crude, which is about 17 percent more carbon-intensive than the conventional barrel. Rejection will neither halt oil-sands production nor damage the broader economy. Perhaps anticipating rejection, TransCanada had asked to postpone the final review earlier this week. The investigation of Exxon could have more far-reaching implications. Alleged disinformation by oil companies has long been compared to the actions of big tobacco, which eventually […]

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Exxon Mobil calls climate change accusations inaccurate

Exxon says it’s received a subpoena from New York seeking more information into climate change research that environmental advocates say is misleading. Photo by Katherine Welles/Shutterstock ALBANY, N.Y., Nov. 6 (UPI) — U.S. supermajor Exxon Mobil says it’s aware of a New York probe into climate change research, but stressed many of the charges made against it are misleading. InsideClimate News has produced a series of reports suggesting the energy company deliberately campaigned to cast doubt about the impacts of climate change even though Exxon’s own scientists roughly 40 years ago warned the issue may threaten its core business. The news site is reporting the company was issued with an 18-page subpoena by the New York Attorney General’s office seeking full disclosure of its research on climate issues and what it may have shared with its board of directors, among other things. Accusations made against the oil company are […]

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ExxonMobil climate statements investigation puts energy groups on notice

Sign up for quick access to a wealth of global business news, including: ExxonMobil climate statements investigation puts energy groups on notice Newspaper + Premium online Newspaper + Premium online Premium Full FT.com subscription Premium Full FT.com subscription Standard Full news & archive Standard Full news & archive Trial Try Premium online Trial Try Premium online Price Monthly Annual $66.30 $11.77 per week $53.00 $9.25 per week $36.00 $6.45 per week $1.00 for 4 weeks $1.00 for 4 weeks FT Alphaville plus selected FT blogs yes yes yes yes Unlimited FT.com article access yes yes yes yes Unlimited mobile and tablet access yes yes yes yes Unlimited fast FT yes yes yes yes 5 year company financials archive yes yes yes yes The LEX column yes yes no yes ePaper access yes yes no yes Three exclusive weekly emails yes yes no yes Daily newspaper delivery yes no no […]

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More Oil Companies Could Join Exxon Mobil as Focus of Climate Investigations

HOUSTON — The opening of an investigation of Exxon Mobil by the New York attorney general’s office into the company’s record on climate change may well spur legal inquiries into other oil companies, according to legal and climate experts, although successful prosecutions are far from assured. Many oil companies have funded lobbying efforts and research on climate change, so prosecutors would most likely be able to search through vast amounts of material. The industry has also resisted pressure for years from environmental groups to warn investors of the risks that stricter limits on carbon emissions could have on their businesses, although that appears to be changing. “ Exxon Mobil is not alone,” said Stephen Zamora, a professor at the University of Houston Law Center. “This is not likely to be an isolated matter.” Energy experts said prosecutors may decide to investigate companies that chose to fund or join organizations […]

Posted On : Published By : Tom Whipple
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Obama rejects Keystone XL pipeline in win for greens

U.S. President Barack Obama on Friday rejected the proposed Keystone XL oil pipeline from Canada in a victory for environmentalists who campaigned against the project for more than seven years. "The pipeline would not make a meaningful long-term contribution to our economy," Obama told a press conference. He said it would not reduce gasoline prices, and shipping "dirtier" crude from Canada would not increase U.S. energy security. The denial of TransCanada Corp’s more than 800,000 barrels per day project will make it more difficult for producers to develop the province of Alberta’s oil sands. It could also put the United States in a stronger position at global climate talks that start in Paris on Nov. 30 in which countries will aim to reach a deal to slow global warming. U.S. Secretary of State John Kerry, who determined the pipeline was not in the country’s interest before Obama’s final decision, […]

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Trudeau Seeks Fresh Start With Obama After Keystone Rejected

PlayCurrent Time 0:00/Duration Time 0:00Remaining Time -0:00Stream TypeLIVELoaded: 0%Progress: 0%00:00Fullscreen00:00MutePlayback Rate1Subtitles subtitles off Captions captions settings captions off Chapters Chapters No compatible source was found for this video.Foreground—WhiteBlackRedGreenBlueYellowMagentaCyan—OpaqueSemi-OpaqueBackground—WhiteBlackRedGreenBlueYellowMagentaCyan—OpaqueSemi-TransparentTransparentWindow—WhiteBlackRedGreenBlueYellowMagentaCyan—OpaqueSemi-TransparentTransparentFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyDefaultMonospace SerifProportional SerifMonospace Sans-SerifProportional Sans-SerifCasualScriptSmall CapsDefaultsDonexShare & EmbedCopy CodeAdvertisement Why Did Obama Kill the Keystone XL Pipeline? Canadian Prime Minister Justin Trudeau said he was let down by President Barack Obama’s rejection of the Keystone XL pipeline while acknowledging the move gives him a fresh start with the U.S. after the controversial pipeline frayed relations. “We are disappointed by the decision but respect the right of the United States to make the decision,” Trudeau said Friday in a written statement . “The Canada-U.S. relationship is much bigger than any one project and I look forward to a fresh start with President Obama to strengthen our remarkable ties in a spirit of friendship and co-operation.” The rejection arrived on […]

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Obama Keystone Rejection Stings Oil Producers Less After Crash

PlayCurrent Time 0:00/Duration Time 0:00Remaining Time -0:00Stream TypeLIVELoaded: 0%Progress: 0%00:00Fullscreen00:00MutePlayback Rate1Subtitles subtitles off Captions captions settings captions off Chapters Chapters No compatible source was found for this video.Foreground—WhiteBlackRedGreenBlueYellowMagentaCyan—OpaqueSemi-OpaqueBackground—WhiteBlackRedGreenBlueYellowMagentaCyan—OpaqueSemi-TransparentTransparentWindow—WhiteBlackRedGreenBlueYellowMagentaCyan—OpaqueSemi-TransparentTransparentFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyDefaultMonospace SerifProportional SerifMonospace Sans-SerifProportional Sans-SerifCasualScriptSmall CapsDefaultsDonexShare & EmbedCopy CodeAdvertisement What Obama’s Rejection of Keystone XL Means for Canada President Barack Obama’s rejection of the Keystone XL pipeline solidifies what the market has been saying for months — there’s less appetite for expensive Canadian oil sands in an era of $45 crude. The $8 billion pipeline to transport crude from Alberta to the Gulf of Mexico first proposed by TransCanada Corp. in 2008 has lost its urgency as the industry endures the worst price crash since the 1980s. Producers are shelving projects and reducing drilling, and after waiting so many years for the line’s approval, they can afford to wait longer for a new one. They’ve also found other […]

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Keystone XL Battle in Washington Belied Pipeline’s Actual Impact

PlayCurrent Time 0:00/Duration Time 0:00Remaining Time -0:00Stream TypeLIVELoaded: 0%Progress: 0%00:00Fullscreen00:00MutePlayback Rate1Subtitles subtitles off Captions captions settings captions off Chapters Chapters No compatible source was found for this video.Foreground—WhiteBlackRedGreenBlueYellowMagentaCyan—OpaqueSemi-OpaqueBackground—WhiteBlackRedGreenBlueYellowMagentaCyan—OpaqueSemi-TransparentTransparentWindow—WhiteBlackRedGreenBlueYellowMagentaCyan—OpaqueSemi-TransparentTransparentFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyDefaultMonospace SerifProportional SerifMonospace Sans-SerifProportional Sans-SerifCasualScriptSmall CapsDefaultsDonexShare & EmbedCopy CodeAdvertisement Obama: Keystone Would Not Serve U.S. National Interests The fight over the Keystone XL pipeline had all the elements of a classic Washington scrap: protests, political ads, scores of lobbyists on retainer. What was sometimes missing in the seven-year struggle, energy analysts say, was an accurate accounting of the project’s impact on the environment or the economy, the twin issues that drove the debate. Environmentalists said Keystone XL, which TransCanada Corp. first applied to build in 2008, raised the risks of climate change by encouraging greater production of Alberta’s tar sands. But a U.S. environmental review found the project’s contribution to global greenhouse gas emissions would be small. Republican […]

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Exxon Mobil Investigated in New York Over Possible Lies on Climate

Photo An Exxon Mobil refinery in Los Angeles, Calif. The New York attorney general is investigating the oil and gas company. Credit T. Fallon/Bloomberg, via Getty Images The New York attorney general has begun a sweeping investigation of Exxon Mobil to determine whether the company lied to the public about the risks of climate change or to investors about how those risks might hurt the oil business. According to people with knowledge of the investigation, Attorney General Eric T. Schneiderman issued a subpoena Wednesday evening to Exxon Mobil, demanding extensive financial records, emails and other documents. The focus includes the company’s activities dating to the late 1970s, including a period of at least a decade when Exxon Mobil funded groups that sought to undermine climate science. A major focus of the investigation is whether the company adequately warned investors about potential financial risks stemming from society’s need to limit […]

Posted On : Published By : Tom Whipple