Read the latest insights and analysis from the experts at Oil Change International.
I want to tell you a story about a man called Bob. Bob runs a large multinational oil company. His company has just recorded its worst ever record loss of $6.5 billion. He has sacked some 7,000 workers, ruining lives and ripping up livelihoods. His company has suffered a torrid, horrible year. His share price fell 13 per cent over the last year. His competitors all did much better.
Two of Australia’s most iconic marine national treasures are under threat from climate change and fossil fuel extraction.
Oil giant BP sent shock-waves through the industry this morning with what has been described as a “jaw-dropping” loss.
In a major set-back for the oil giant, BP’s highly controversial application to drill in one of Australia’s last great wilderness areas, the Great Australian Bight, has been rejected for falling short of environmental standards.
Once again the veterans of the Exxon Valdez have been proved right, after their warnings about the use of toxic dispersants during the subsequent Deepwater Horizon oil spill look to have been vindicated by new academic research.
For some years now a growing number of activists, scientists and analysts have been warning that, if we are going to keep global warming to 2 degrees Celcius, that a significant quantify of fossil fuel reserves can never be burnt.
Oil giant BP will pay nearly $21 billion to settle its 5 year old dispute with US Federal and State authorities over the Deepwater Horizon oil spill, which killed eleven workers, and spilt millions of gallons of oil across the Gulf of Mexico.
Would you take it seriously if tobacco companies announced that smoking trends weren’t expected to change much over the next 30 years? And imagine then, that this is what governments used to make tobacco policy: “Forecasts show that people aren’t going to quit smoking, steady rates of smoking around the world are inevitable, so all anti-smoking policies will assume not much is going to change.”
There are two scandals going on in world sport right now: the one you have heard about and the one that you haven’t.
As we mark 5 years since the start of the BP Gulf oil disaster, we stand with Gulf South Rising and all those resisting the industry. The Seas are Rising and So Are We.
