Climate Crisis! Companies are Investing Big in New Oil Fields

Guest essay by Eric Worrall

Analysts are shocked that oil and gas companies are still investing substantial sums in developing fossil fuel assets, almost like they don’t care about the Paris Agreement.

Oil and gas companies investing £40bn in projects that ‘undermine’ fight against climate change

‘Every oil major is betting heavily against a 1.5C world and investing in projects that are contrary to the Paris goals,’ says report author
Chris Baynes

Fossil fuel giants including ShellBP and ExxonMobil are investing billions in plans that are incompatible with the 2015 Paris Agreement, which aims to limit global warming to 1.5C, according to an analysis by the think tank Carbon Tracker.

Every oil major is betting heavily against a 1.5C world and investing in projects that are contrary to the Paris goals,” said Andrew Grant, a former natural resources analyst at Barclays and co-author of the report.

Darren Woods, Exxon’s chief executive, this week insisted the world’s rapidly growing demand for energy would not be met by renewables alone. He cited International Energy Agency (IEA) estimates that £17 trillion of new investment in energy production is needed by 2040, representing a “compelling investment case” for fossil fuels.

Read more: https://www.independent.co.uk/news/business/news/oil-gas-companies-fossil-fuels-climate-change-global-warming-shell-exxon-a9094946.html

The carbon tracker report is available here.

My guess is oil companies are betting on the Paris Agreement declining into irrelevance long before they get into trouble for their new fossil fuel investments.

There are signs that more forward thinking climate activists are ready to jump ship, and are desperately searching for a new crisis, ranging from a faltering attempt to resurrect the plastics crisis, to low level efforts to kick start the artificial intelligence crisis.

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September 9, 2019 10:10 am

“Why are so many environmental disarticulations coming from so many articulate people?”

Anonymous Heins

“Too many fall from great and good for you to doubt the likelihood.”

Robert Frost

Ed Zuiderwijk
September 9, 2019 10:11 am

They just know that Paris will be ditched within 5 years. And also EXXON knew, remember. That’s what the loonies claim at least. If EXXON knew then, it must surely know now. Follow their lead.

Rocketscientist
Reply to  Ed Zuiderwijk
September 9, 2019 12:31 pm

Of course they are not stupid.
But what exactly is: “betting against a 1.5 °C world.”
Betting that a global average temperature increase of 1.5 °C will/won’t occur? That any such increase will be significant, harmful, …what?
It would make more sense if they said “betting against climate alarmist exaggerations” if that is what they meant.

MarkW
Reply to  Rocketscientist
September 9, 2019 3:29 pm

First off about 1C of that increase has already occurred, so we are only talking about a remaining 0.5C.
Anywho, even if the world does warm up another 0.5C, so freaking what? Such a warming will be 100% beneficial.

philincalifornia
Reply to  MarkW
September 9, 2019 7:25 pm

“think tank Carbon Tracker”

How do they do the calculation of carbon dioxide reduction necessary without knowing climate sensitivity to carbon dioxide? Serious question. Obviously it’s going to be a bogus answer but do they actually have a bogus one beyond “denier” or “you’re a shill for the fossil fuel industry”.

The thing is, I’ve asked the question many times and not got the bogus answer, despite thinking that some strident actress, or History Major would spew one out.

Trebla
Reply to  philincalifornia
September 13, 2019 4:44 am

I worked in the oil industry for 20 years. Any major capital investment was given a very careful and deep study. The payback period is so long you needed to be very sure that you had considered all eventualities. I put my faith (and money) on the work of oil company analysts and executives who say we will be needing fossil fuels for the foreseeable future rather than on the predictions of environmentalists who are clueless in this regard.

JEHILL
Reply to  Rocketscientist
September 9, 2019 5:12 pm

I question that the instrumentation platforms we are using even have that kind of resolution. Or that the planet even works with that kind of precision.

Range of terrestrial temperatures ~-125F to ~135F.

Those temperature “anomalies” and averages come from highly processed parameterized algorithms.

Reply to  Rocketscientist
September 10, 2019 7:46 am

Makes no matter to the fossil fuel producers if there is a global average temperature increase of 1.5 °C. ….. or a global average temperature decrease of 1.5 °C, …. more fossil fuels will be needed for increased “cooling” needs, …… or increased “heating” needs, whichever. It’s a ‘win-win’ for fossil fuels

Reply to  Rocketscientist
September 10, 2019 9:46 am

Betting against a 1.5 C world is an odd construct.

I think it would be fair to say that the hydrocarbon producing companies are betting against a significant reduction in demand for their products. But that’s certainly not what they stated…

Bob Hunter
Reply to  Ed Zuiderwijk
September 9, 2019 4:07 pm

Except in Canada, where we have an election in 6 weeks and 3 of the 4 parties want major carbon taxes and want to essentially shut down the Mineral Oils industry. Mineral Oils are Canada’s biggest net export industry by a very large margin. In fact Mineral Oils, agriculture and wood products are the only industries that are net exports for Canada. However, the large voter base in Quebec and Ontario have very little Mineral Oils and they don’t care about the lost jobs in the Mineral Oils industries. Sort of like the West Coast in the US and the Northeast part of the country.

eck
Reply to  Bob Hunter
September 9, 2019 7:27 pm

Lotsa luck wish for you Western Canadians. You must feel like many mid-western or mountain dwelling, sane, persons in the US (or us sane people in the “Peoples Republic of Calif”). The proles have been indoctrinated, so I don’t hold out much hope. But I’m with you.

Richard
Reply to  eck
September 9, 2019 8:00 pm

But when the government services and oil and gas run low or out in the eastern provinces will scream at petrol prices 3-4 times what they are now. The western provinces hold all the power (pun intended). Logging uses a lot of heavy equipment that will be sidelined because of energy costs. The price of lumber will ^^^^. New construction, renovating will suffer. Sounds like a bad idea all around to me. A huge Canadian snowball to crush the economy.

Alan the Brit
Reply to  eck
September 9, 2019 11:29 pm

Don’t you mean the “Peoples Democratic Republic of California”? I always find it amusing that such titles are reserved for such local & nation states, whereby the people are governed by a bunch of useless power-hungary intellectuals (allegedly) arsewipes who are far from for the “people” & not “democrtic”!

David Brewer
Reply to  Alan the Brit
September 10, 2019 9:31 am

It’s intentional. They use the names like “People’s Republic of China” PRC or “Democratic People’s Republic of Korea” DPRK to fool the easily led (usually foreigners) into believing that they aren’t a tyrannical government. It’s stupid that it works, but it does.

Red94ViperRT10
Reply to  Bob Hunter
September 13, 2019 7:50 am

The West Coast of the U. S. does have petroleum reserves, at one time there was an active exploration and drilling industry, and the existence of La Brea Tar Pits proves hydrocarbons exist within the state. It’s just that the government outlawed pretty much any activity that could find them and get them out of the ground.

September 9, 2019 10:12 am

As the Paris Agreement had nations as signatories, I don’t think BP, Exxon, or Shell had an official role there. They probably had observers, but that was it. Someone should inform Mr Baynes of that reality. He’s apparently living in a bubble of fantasy.

Lilia Cruz
September 9, 2019 10:14 am

Well, if Obama buys a house by the ocean and Gore goes around in a private JET, why shouldn’t business people invest in what they want???

joe
Reply to  Lilia Cruz
September 9, 2019 1:47 pm

Have you noticed that climate crusaders like Justin Trudeau, Leo DeCaprio, et al, love to vacation in places that are 10 to 30C warmer than their home locations?

And they want me to get excited about 4C warming? Bring on the warmth! I’m tired of shoveling snow in Nov, Mar, and April.

ozspeaksup
Reply to  Lilia Cruz
September 10, 2019 6:37 am

try this for stupid downunder
http://joannenova.com.au/2019/09/banned-by-big-oil-jo-novas-christmas-speech-for-geologists-cancelled-by-woodside/

woodside n bluescope steel are asskissing the warmtards

Sunny
September 9, 2019 10:19 am

LOLOL Billions upon Billions will be collected by governments in tax from each litre or gallon of fuel, and they will not complain about it.. The oil giants know something the average man/woman doesn’t, otherwise they wouldn’t be investing so many billions of dollars/pounds… I agree that plastic needs to be cleaned, as it is everywhere, I hate driving down the road and seeing bottles and wrappers all over the place…

Drake Cherry
Reply to  Sunny
September 9, 2019 8:21 pm

And the nasty crappy sacks of excrement who leave them there.

Compare Occupy Wall Street (liberal activist hacks) to the Tea Party (Conservative honorable citizens)

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I was raised to clean up after myself, not to throw trash out of a car window, etc., etc. You know, like all conservatives. Don’t be wasteful, take care of your things. If you borrow someones else’s things bring them back as good or BETTER than when you got them. Repay your debts without forcing the lender to ask for the debt to be repaid. Etc. etc. etc.

Who are the liberal constituency?

Convicted Felons. We all know they wouldn’t throw trash on the ground. They respect laws!

The “homeless”, previously known as vagrants. Since they have no home and no jobs they MUST steal or harass innocent passers by to get enough money for their drugs or alcohol or other addiction.

And other TAKERS. You know, those greedy SOBs who want to take the money earned by the productive segments of society to support themselves and for their chosen politicians to buy their votes.

I always love it when a LIBERAL calls a CONSERVATIVE greedy for wanting to keep more of their hard earned money. The MOST greed I see in American society is in the Democrat party. They want your money taken by the force of law to be used for purposes you would never use it for. And they always want MORE.

BTW: If you ever hear a so-called conservative say something like “the time is not right to raise taxes”
for example “because the economy is bad”, try to get them out of office because it is NEVER the right time to raise taxes and they are not conservative. It is always the right time to CUT SPENDING.

J Mac
September 9, 2019 10:21 am

Economic reality Trumps irrational socialist virtue signaling.

LdB
Reply to  J Mac
September 9, 2019 9:33 pm

Moreover I think some analysts realize the more the leftists delusion plays out and some sources get left in the ground, the higher the oil price goes in the long term.

kwinterkorn
September 9, 2019 10:23 am

The oil executives are watching Obama pay $15 million for a seaside property on Martha’s Vineyard, and thinking: “Even progressives know that though there may be a little problem a century from now, nothing big is going to change near term, so let’s get exploring, drilling , and refining, because economic growth all over the world means rising demand for hydrocarbons.

ResourceGuy
Reply to  kwinterkorn
September 9, 2019 10:33 am

+50

if that much a century from now

Reply to  kwinterkorn
September 9, 2019 11:08 am

Obama only played the part of a Progressive to appease the nuts in his party and keep them on his side.
He is a self-dealing narcissist with excellent oratory skills, and excellent at lying with a straight face to both sides.

I doubt Obama is truly a Progressive. Like most Hollywood liberal whose main motivation is virtue signaling, he doesn’t really want economic socialism in the US and the ultra high taxes on the rich that would come with it.

Bryan A
Reply to  kwinterkorn
September 9, 2019 4:07 pm

And said growth will create the wealth required for any meager mitigation strategies required several decades hence at a minimum

Dennis G Sandberg
September 9, 2019 10:35 am

“There are signs that more forward thinking climate activists are ready to jump ship, and are desperately searching for a new crisis, ranging from a faltering attempt to resurrect the plastics crisis, to low level efforts to kick start the artificial intelligence crisis”.

Definitely time for the climate activists to jump ship. Way to much evidence indicating that a doubling of CO2 will only add 1 deg. C + – 0.5 deg. Not the kind of numbers to get liberal donations flowing. The recent democrat climate town hall fiasco makes it difficult to support their impossible agenda. The conservative campaign ads that will draw from that circus will be wonderful, keeping in mind that global warming/climate change policy is all about politics not science. Thank You CNN! (There’s a thank you I never thought I would make).

Robert W Turner
September 9, 2019 10:45 am

Someone’s got to keep pace with the world’s 101,000,000 barrel per day oil dependence. The only case for divestment from fossil fuels is if their production cannot meet that demand, and so far there is no sign that we are close to that reality.

commieBob
Reply to  Robert W Turner
September 9, 2019 11:19 am

Suppose that everyone in America and Europe turned against the fossil fuel industry. Suppose that America and Europe did everything they could to persuade the population that fossil fuels were a danger to human life. Suppose that people had to use fossil fuels in secret lest their neighbors would think poorly of them. Suppose that countries won ruinous lawsuits against the industry.

The above is what happened to the tobacco industry. How’s that industry doing? link In global terms, not bad.

The thing is that fossil fuels are a huge net benefit to society. Tobacco, not so much. If the powers that be couldn’t squish the fairly evil tobacco industry, the chances of them doing it to the very beneficial fossil fuel industry are zilch.

The fossil fuel companies have every reason to expect a rosy future, and every reason to continue investing.

September 9, 2019 10:46 am

Drill baby drill

We are (thank goodness)!

And, lo and behold, we keep running into oil.

Editor
September 9, 2019 10:54 am

Why are the morons at “Carbon Tracker” shocked that oil companies are actually oil companies?

Shoki Kaneda
Reply to  David Middleton
September 9, 2019 11:20 am

They are the philosophical brethren of those shocked when humans, wild animals, and nature itself are true to their nature.

Bruce Cobb
September 9, 2019 10:55 am

Hmmm…Exxon KNOWS the “climate crisis” is a scam. How long have they known? And why didn’t they say anything? We’ll SUE the pants off them! That’ll teach ’em. Meanwhile, whoever else knew, and didn’t say anything had better get a good lawyer. Or a team of them.

Editor
September 9, 2019 11:04 am

This is almost the exact same horst schist that Gorebal Witless was pushing a few months ago… https://wattsupwiththat.com/2019/04/30/ipcc-demands-peak-oil-now/

Sara
September 9, 2019 11:05 am

Every oil major is betting heavily against a 1.5C world and investing in projects that are contrary to the Paris goals,” said Andrew Grant, a former natural resources analyst at Barclays and co-author of the report. – Article.

Well, la-de-da! After banging their heads against a brick wall for (how long??) XXX years, they’re finally giving up? Good. Don’t take it for granted, however, that it’s over, because it isn’t really over until idiots stop gluing themselves to the pavement.

I, too, would like to see a practical solution to cleaning up and recycling or disposing of plastic waste of all kinds, including drinking straws that are the worst litter problem anywhere you go. Drink cups are next, but they can be recycled into pots to start seedlings in a greenhouse – something like that. Nylon is an oil refining byproduct that goes into many things, including parachute canopies. There must be some way to reuse the plastic junk like drinking straws that doesn’t create more litter. There is nothing more obnoxious in my view than finding a hiking area littered with plastic crap that people drop because they’re too lazy to walk to the disposal site a few yards away. Either leave that crap in your car, or don’t buy it. (Rant over.)

Glad to see this. It’s a start.

John F. Hultquist
Reply to  Sara
September 9, 2019 12:13 pm

Why do hikers with dogs put dog poo in tiny blue plastic bags and then leave those along side the trail on a rock or log?

Eric Elsam
Reply to  John F. Hultquist
September 9, 2019 2:23 pm

Because the stupid government doesn’t put trash cans every 50′ along those trails!! You want I should carry an icky poopy bag ??;-)

Mark Broderick
Reply to  Eric Elsam
September 9, 2019 2:55 pm

What is the point of putting dog poo in tiny blue plastic bags ? To keep it fresh ? D’OH !

Alan the Brit
Reply to  John F. Hultquist
September 9, 2019 11:41 pm

What? Oh you mean the arrogant lazy bastards! Had the same think here in UK at my local park, (overlooked by residential properties), & the local woods. Why go to all that bother just to falter at the final hurdle, actually disposing of said waste in an appropriate way?

Erny72
Reply to  Sara
September 9, 2019 12:18 pm

Hi Sara,
“There must be some way to reuse the plastic junk like drinking straws that doesn’t create more litter…”
…There is; burn it.
https://www.thegwpf.com/save-the-oceans-stop-recycling-plastic/

And no need to worry about big oil ‘giving up’, they never took gullible warming seriously. They endulged the useful idiots with some slickly delivered greenwashing, fleeced a few naive governments with some hot-air driven, bird-mincing subsidy mining projects and still talk hot-air about being ‘part of the solution’ to a ‘low carbon future’ or what-not to keep politicians and do-gooder investors happy but despite the hot-air, no oil company ever stopped being an oil company. All any of them have been doing is playing an expensive, two-faced PR game and separating some fools from their (other people’s) money to recoup the wasted ‘investment’; especially those headquartered in the European mental hospital.

Dr. Bob
Reply to  Sara
September 9, 2019 1:41 pm

Recycling many plastics is either difficult or impossible in the case of thermoset plastics. Simple plastics can be recycled but generally that costs more than making products from scratch. For glass, that is the case. It is both better and cheaper to just make new.
There are ways to recycle plastics that don’t involve making new plastic articles out of them. The best way is to gasify the plastic to CO and H2 then recombine into hydrocarbons. However, the EPA won’t allow this because nuts got involved in the process and lobbied against that pathway.
Some simple plastics can be pyrolyzed into fuels and ash/carbon, but the quality of the fuel is not very good and needs hydroprocessing to be of a quality good enough for transportation fuel.
The best use of plastic waste is for its energy content and the safest way to do this is gasification followed by one of several conversion processes such as Fischer-Tropsch or alcohol synthesis.

jtom
Reply to  Sara
September 9, 2019 5:58 pm

Too many can’t see the forest because they’re looking at their feet. Plastic straws are not a problem. The vast majority of them end up in landfills, where the take up very little space. Same goes for most all other waste in industrialized countries. They do a pretty good job cleaning up after themselves, in on land, in water, and in the air.

Most ocean pollution comes from about four African and Asian rivers, all of which flow through third-world countries. Plastic in the oceans? Around eighty percent is commercial fishing rigging. To fix the problems, stop wasting time on plastic straws. Focus on economic development of impoverished countries so they have the funds to clean up their act. At the same time, work with the fishing industry to develop more eco-friendly gear.

And just quit the nonsense about plastic straws.

Roger Knights
Reply to  Sara
September 9, 2019 6:32 pm

“Nylon is an oil refining byproduct”

I’m pretty sure Nylon’s a coal tar derivative.

Sara
Reply to  Roger Knights
September 9, 2019 6:45 pm

It was originally “discovered” in 1936 as a puddle of residue goo during the cracking process of turning crude oil into gasoline and diesel fuels. It’s a long chain molecule. The use of that residue as a source of nylon allowed the release of silk for parachutes during World War II, which made silk unavailable for women’s hosiery, and nylon, as a very fine, silky fiber, took the place of silk in women’s hosiery.

Here’s the most current list of raw materials that make nylon now:
petroleum.
limestone.
water.
acetylene.
natural gas.
coal.
Nylon 66, the most common nylon, is usually made from acids and hexamethylene diamine.

philincalifornia
Reply to  Sara
September 9, 2019 7:18 pm

Adipic acid

Brian Valentine
Reply to  philincalifornia
September 9, 2019 8:03 pm

The nylon monomer, (epsilon) caproic acid lactam, is derived from hexene, which comes from chemical naphtha (petroleum fraction). All of it.

Nicholas McGinley
Reply to  Sara
September 10, 2019 8:55 am

I think maybe it will be over once the last idiot has glued themselves to the pavement.
We need to do whatever we can to encourage this behavior…and make sure they have access to the strongest glue possible.
We should get teams working on permanent unbreakable glue. Something that bonds to quickly and strongly to subcutaneous tissues.

September 9, 2019 11:06 am

Of course the oil companies are doing things that will help their business. The fiduciary responsibility to their share holders demands this. I’m also sure that EXXON does know how wrong the IPCC and the self serving ‘consensus’ crafted around its reports really is. Any scientist who objectively examines climate science will arrive at the same inevitable truth, which is that the IPCC couldn’t be more wrong as they fabricate fake science to support the UNFCCC’s agenda of fake alarm about a fake crisis in order to fake people out into believing that it’s for the ‘greater good’ that they accept authoritative control over every facet of their existence.

Coeur de Lion
September 9, 2019 11:15 am

This will upset the Synod of the Church of England who are disinvesting in fossil fuels unless companies adhere to the Paris Agreement thus betraying their ignorance of the agreement . Nothing is offered about how they are to achieve this. They did reject a proposal that disinvestment would follow unless companies gave up exploration within four years. How mad can you get? What about the poor of the world and those lacking electricity? These proud and selfish virtue signalling prelates are walking home to their unheated palaces having disinvested their wristwatches, iphones and car keys. Not. In my correspondence with the Bishop of Salisbury who leads on the environment he maintained complete faith in the IPCC’s SR 1.5 study despite its evisceration by Dublin University, the GWPF et al. Have you read it, guys? I have (some). Madness , madness as the doctor said at the end of the Bridge over the Rover Kwai film.

HotScot
Reply to  Coeur de Lion
September 9, 2019 11:47 am

Coeur de Lion

That film was a dog.

John M
Reply to  HotScot
September 9, 2019 3:14 pm

That was arful.

Maree
Reply to  Coeur de Lion
September 9, 2019 8:53 pm

The only reason CofE will be disinvesting is to cover payouts to child sex victims.

HotScot
September 9, 2019 11:49 am

Perhaps Big Oil investing heavily for the sudden upsurge in demand for its products when countries start cutting down wind turbines like tree’s in a forest?

One can only hope.

n.n
September 9, 2019 11:58 am

Green industry gets a share. Environmentalists receive a stipend from their patrons. Social justice is restrained for another fundraising cycle. Catastrophic anthropogenic social progress is averted.

Gary Pearse
September 9, 2019 11:58 am

Within any investment horizon fossil fuels will retain 85% of the energy market, a level stubornly persistent over the past couple of generations despite the trillions wasted on this whole fantasy debacle. Now with renoubles falling apart in Europe and the developing world turning on mass to ignore European néocolonialist institutions and go ahead with coal fired electricity plants to lift their peoples out if poverty, this show is over except for the headless chicken gymnastics. Now is the time to invest big in fossil fuels for companies and for individual’s porfolios.

michael hart
September 9, 2019 11:59 am

“There are signs that more forward thinking climate activists are ready to..”

Excuse me?
When was the last time you met a thinking climate activist, never mind one who thinks forward? Thinking sideways would look like progress.

Western oil companies are not even responsible for the majority of world production. The rest of the world doesn’t give a toss, and their governments are not inclined to implement the Paris show even if they were able to. Simple economics will rule. Climate activists need to learn that they cannot win.

Sure, they may be able to cause a lot of harm to Western economies, but they will lose as surely as night follows day. If only we could get them to understand that.

Bryan A
September 9, 2019 12:13 pm

We already have an AI crisis. The world of Climate Science is filled with Artificial Intellectuals

Rod Evans
Reply to  Bryan A
September 9, 2019 1:18 pm

Bryan, I think the world of Mann Made Climate Science is filled with AI. it stands for Alarmist Idiots.

Bryan A
Reply to  Rod Evans
September 9, 2019 4:06 pm

That Tou-che

Alan the Brit
Reply to  Bryan A
September 10, 2019 12:00 am

No I think you’re wrong! AI really does stand for Artificial Intelligence up to a point, after all confidence tricksters & scam artists always try to make their victims believe they are intelligent (which of course they are it takes a fair degree of intelligence to pull a scam off)

JEHILL
September 9, 2019 12:13 pm

The next low resolution man-made thought crisis will be the changing axial tilt of the planet Earth due to the emptying of the aquifers in India.

The geophysics don’t even match the presentation I saw but that has never stopped the activists from yelling. They are blaming a trace gas of the atmosphere as a perpetual IR engine.

Sunny
Reply to  JEHILL
September 9, 2019 2:06 pm

JEHILL, is this for real? Somebody actually made a presentation about it??

JEHILL
Reply to  Sunny
September 9, 2019 4:47 pm

A recent “NASA’s: Unexplained Files” episode on the SCIENCE channel.

I changed the channel to watch an old “Two and Half Men” episode.

Bill Murphy
Reply to  JEHILL
September 9, 2019 9:26 pm

RE: “The next low resolution man-made thought crisis will be the changing axial tilt of the planet Earth due to the emptying of the aquifers in India.”

Just wait until they find out about the Ogallala Aquifer.

markl
September 9, 2019 12:58 pm

Let’s see….. increase in world energy use exceeds what we’re adding with wind and solar so looking for more energy is a good bet. When the CC hysteria calms down and goes away get ready for the eco fascists to complain about the blight of solar panels and wind turbines and blame it on the oil industry for forcing people to adopt them by not adding enough fossil fuels to meet the need.

jtom
Reply to  richard
September 9, 2019 6:35 pm

Wow! Germany is well and truly screwed. They have less than five years to swallow their pride, admit renewables are not fit for purpose, and stop the closures of nuclear power plants.

I don’t think they can do it. They’ve gone too far down the road to admit they were wrong. They will lose all the manufacturing in the south, and have devastating black outs during the winters. Any attempt to build coal power plants and transmission lines will be subject to massive protests by the enviro-nuts they have deliberately groomed to promote what is now becoming a debacle. They have unintentionally orchestrated their own suicide.

Vanessa
September 9, 2019 1:03 pm

So they know the truth – good for them !!

Gordon Dressler
September 9, 2019 1:05 pm

“. . .almost like they don’t care about the Paris Agreement.”

Imagine that!

Hint: They’re not alone, by far.

Thomas Homer
September 9, 2019 1:26 pm

It is amazing that “Oil Companies” can apply science and engineering to find and extract oil, refine it to an acceptable consistency, transport it through a distribution channel that makes it available for individual consumption. We can all feel comfortable that the fuel we purchase and put in vehicles, or heats our homes, performs as expected. The individual is empowered.

That is about the best example of beneficial mutual human behavior I can think of. We can trust the human chain of people to deliver this product at affordable prices, all while having to lock our cars because we can’t trust the humans we live amongst.

And, the unintentional consequence of burning fossil fuels is an increase in the base of the food chain for all Carbon Based Life Forms: Carbon Dioxide

Jacques Lemiere
September 9, 2019 1:40 pm

just let them extract it and don’t use it..

Crispin in Waterloo
September 9, 2019 1:42 pm

The AI crisis sounds good. Lots of room for speculation. But the “air quality crisis” (millions dead and dying!) is already well under way with the imaginary “deaths” attributed willy-nilly by the WHO and claims from Berkeley that “avoidable disability adjusted life years” can be a saleable and tradeable commodity. You have heard of carbon traders? Welcome in the new aDALY traders, coming with a large scale, expensive, air quality intervention near you.

After that will be the “water pollution/supply crisis” which is also under way, though not as advanced in planning as the air pollution crisis.

There is nothing so scary as a green-faced hobgoblin and a crisis, real or imagined, should never be wasted. The logic will not be any better, so get out your teeth-protection leather biting-strap. As the air quality has improved in the USA, year upon year, asthma has become rapidly worse and more common in children. This is, of course, blamed on “air pollution”.

“Huh”, you say? That’s right – the better the air, the worse the asthma problem, yet it is being blamed on the deteriorating air quality, even though it is improving. See? Nothing up my sleeve. Logic is a luxury we cannot afford. Solar panels….yes.

Gary Pearse
Reply to  Crispin in Waterloo
September 10, 2019 7:48 am

My doctor (in Canada) told me he was at a medical conference in the US and he queried a number of doctors about this increase in asthma. All said they have not found any increase in patients.

H.R.
September 9, 2019 1:55 pm

‘Every oil major is betting heavily against a 1.5C world and investing in projects that are contrary to the Paris goals,’ says report author
Chris Baynesblockquote

I’d like to see GAST somewhere around the Eemian level. I’d like to bet on that except I don’t think we’re going to get there in this interglacial.

The smart money is investing in anything contrary to the Paris Accord goals. The Paris Accord goals were to redistribute Western wealth to the UN and every 3rd-world country possible, as well as lining the money handler’s pockets. Who in their right mind wouldn’t invest in things contrary to the Paris goals?

September 9, 2019 3:06 pm

Injections of artificial intelligence could be exactly what is required to bring much of the population out of their obsession with an imaginary “climate crisis” which is in reality only a political and money scam.

William Haas
September 9, 2019 3:38 pm

It is not the oil companies fault. They are just trying to meet demand and make a profit for their share holders at the same time as they are suppose to. If there is any fault to be has it would be with those who make use of goods and services that involve the use of fossil fuels. In my neighborhood, most would perish in short order if they could no longer make use of goods and services that involve the us of fossil fuels. In my neighborhood people live in buildings, walk on surfaces, use water, and eat food that has all involved the use of fossil fuels. Even solar panels, that some homes have, were transported and installed by the use of fossil fuels. If people just stopped making use of oil and its products the oil companies would stop producing it. If government really wanted to significantly reduce the use of fossil fuels they would fully embrace nuclear power but they are not doing that.

BillP
September 9, 2019 3:53 pm

First there is the usual gibberish terminology.

A “1.5C world” would be very cold, and that would be a climate emergency.

What they mean by that stupid phrase is a world 1.5 deg C warmer than it was in 1850.

We have already warmed approximately 1 deg C since then and the result has been beneficial to life in general and humans in particular. I am confident that an additional 0.5 deg C warming will continue the improvement.

Old Woman of the North
September 9, 2019 5:05 pm

Lovely to see so many sane comments. Maybe the dam has broken and sanity will prevail.

codetrader
September 9, 2019 6:20 pm

Other than Man Made Climate Change as the greatest threat known to mankind, what else can Trump That?

Holy Moly, should I have said, “That Trump”?

The whole “Man Made Climate Change” thingy got sidetracked 2016 when Trump That was elected.

And he pretty much has/is The Trump!!!!

If the guy can live long enough and can get re-elected; what follows will be historical on so many levels. FAKE NEWS and Fake everything else in this country may hit a wall unlike ever before. Perhaps the mass, collective insanity and hysteria might just end?

One can hope and pray(secretly)but (not out in the open).

Mark Smith
September 10, 2019 2:37 am

Oil companies are so powerful- they can force people to buy oil (and its derivatives) just by supplying it.

Reply to  Mark Smith
September 10, 2019 2:43 am

You forgot the /Sarc tag. If we were that powerful, the price of oil would never fall below $100/bbl.

Johann Wundersamer
September 10, 2019 4:52 am

Drake Cherry,

Susan said “I agree that plastic needs to be cleaned, as it is everywhere, I hate driving down the road and seeing bottles and wrappers all over the place …”

No you fantasize “The “homeless”, previously known as vagrants. Since they have no home and no jobs they MUST steal or harass innocent passers by to get enough money for their drugs or alcohol or other addiction.”

Everyone knows the homeless don’t throw away anything and make a living from collecting returnable bottles.

You hardly see homeless people that often. Or just drive them down.

Johann Wundersamer
September 10, 2019 5:03 am

Drake Cherry,

Susan said “I agree that plastic needs to be cleaned, as it is everywhere, I hate driving down the road and seeing bottles and wrappers all over the place …”

No you fantasize “The “homeless”, previously known as vagrants. Since they have no home and no jobs they MUST steal or harass innocent passers by to get enough money for their drugs or alcohol or other addiction.”

Everyone knows the homeless don’t throw away anything and make a living from collecting returnable bottles.

You hardly see homeless people that often. Or just drive them down.

____________________________________________________

In german we say “nach oben treten, nach unten buckeln”, Drake Cherry –

“to hump upwards”.

Johann Wundersamer
September 10, 2019 5:08 am

Drake Cherry,

Susan said “I agree that plastic needs to be cleaned, as it is everywhere, I hate driving down the road and seeing bottles and wrappers all over the place …”

No you fantasize “The “homeless”, previously known as vagrants. Since they have no home and no jobs they MUST steal or harass innocent passers by to get enough money for their drugs or alcohol or other addiction.”

Everyone knows the homeless don’t throw away anything and make a living from collecting returnable bottles.

You hardly see homeless people that often. Or just drive them down.

____________________________________________________

In german we say “nach oben buckeln, nach unten treten, Drake Cherry –

“hunch up, step down”.

Coeur de Lion
September 10, 2019 7:35 am

Hot Scot – when I saw your post my craggy features broke into an evanescent smile.

John Sandhofner
September 10, 2019 9:17 am

“There are signs that more forward thinking climate activists are ready to jump ship, and are desperately searching for a new crisis” As we all knew, climate change was just a avenue to achieve the socialist agenda. If they believed it was really a do or die situation, they would not be giving up.

Rudolf Huber
September 10, 2019 2:50 pm

Fossil fuel companies know that when the party is over, even the most diehard climate alarmist wants to get to his warm (or cooled) home, have a shower and eat something nice. Courtesy of fossil energy. And they would be the first to raise a stink if their comfy lifestyle would be impeded in any way.

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