Chasing Big Mergers, Oil Executives Dismiss Peak Oil Concerns
www.nytimes.com
Exxon Mobil and Chevron are spending tens of billions of dollars buying oil and gas assets, betting that the International Energy Agency’s predictions of declining oil demand are wrong.
  • vmaziman@lemm.eeEnglish
    131·
    1 year ago

    Wrong. They’re correctly predicting that despite a shift away from non renewables, society will always have a need for plastics, jet fuel, diesel fuel, and legacy ICE regular petroleum. This is a move to be the consolidated monopolized leader at the top of the stack when all the climate involved millennials eventually get into governance

    • silence7@slrpnk.netOPM
      81·
      1 year ago

      Lol no. They’re betting on an expansion of fossil fuel use. That’s not going to happen in a scenario where there’s a limited residual use of fossil fuels for those uses.

      • federalreverse-old@feddit.de
        3·
        1 year ago

        To these huge companies, the longer term doesn’t matter much right now: if it pans out, they’ll celebrate; if it doesn’t, some gullible politician will bail them out and they’ll celebrate anyway. However, they’re publicly-traded and thus ruled by quarterly profits. (Apparently saying the obvious here, multiple of the top comments at NYT read similarly…)

      • TrismegistusMx@slrpnk.net
        3·
        1 year ago

        We can make plastic out of renewable resources, and we’re discovering new materials all the time. It’s ignorant and short sighted to think we’ll always need to or be able to depend on petroleum.