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How Big Oil Is Preparing For A Life After Fossil Fuels
European oil companies are investing aggressively in clean energy while their North American counterparts double down on 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 Majors Pivot to Renewables
North American Industry More Skeptical
While European companies make sizable investments in clean energy, North American oil producers are less convinced.
Major American companies are even more skeptical. Neither Exxon Mobil nor Chevron has a significant portfolio of renewable energy assets, though Exxon Mobil has signaled it will begin making some investments into green energy soon. ConocoPhillips recently doubled down on US shale with a $9.7 billion acquisition of Concho Resources.
Instead, American producers are investing in carbon capture. By making the extraction process less emission intensive, they hope that oil and gas can remain dominant in the energy mix for years to come.
A Transition in the Early Stages
To be clear, all of the companies described here, aside from Orsted, still rely primarily on fossil fuels for revenue. With 84% of the world’s energy consumption coming from fossil fuels, it shouldn’t be surprising that the world’s largest energy companies primarily produce them as well. It’s also true that most of their capital spending is still devoted to fossil fuels — across the largest companies, just 6% of capital expenditure was devoted to clean energy in 2020. Most oil CEOs maintain that oil and gas will play a large role for a long time to come.
OK… So, European oil companies “are preparing for a life after fossil fuels” by ceasing to be oil companies because, apart from the North Sea, Europe has very little in the way of oil & gas resources awhnd have lunatic Enviro-Marxist governments. While, American oil companies “are preparing for a life after fossil fuels” by doubling “down on fossil fuels”… despite the fact that the current occupant of the White House was a moron before he became a dementia-addled Enviro-Marxist babbling idiot… Because North America has abundant oil & gas resources and we know that there is no ” life after fossil fuels”… There’s just starvation and freezing in the dark.
“A Transition in the Early Stages”
When? We didn’t transition from biomass to fossil fuels. We still consume as much biomass for energy as we did 200 years ago.
There is no way, for the foreseeable future, for 8 billion people to live long, healthy, opportunity-filled lives unless the world’s massive use of CO2-emitting fossil not only continues, but expands.Alex Epstein
Apart from providing about 85% of our energy, making the planet slightly warmer and a lot greener, what else have fossil fuels delivered?
There has never been an energy transition; nor is there one underway now. We just add more sources of energy to the mix.
If governments and the financial sector demand affordable, reliable energy and drastic reductions in CO2 emissions, the oil & gas industry will figure out how to deliver it. If they demand we starve and freeze in the dark so they can feel better about the weather, they might just learn the meaning of Thomas Jefferson’s Tree of Liberty Letter.
The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants.Thomas Jefferson
In the mean time…