Links tagged “oil”

The majority of the planet’s fossil fuel reserves must stay in the ground if the world wants even half a chance — literally — at meeting its most ambitious climate targets. A new study published yesterday in the journal Nature found that 60 percent of oil and natural gas, and a whopping 90 percent of coal, must remain unextracted and unused between now and 2050 in order for the world to have at least a 50 percent shot at limiting warming to 1.5 degrees Celsius. ... 

In the United States, the study suggests that 31 percent of oil reserves, 52 percent of natural gas and 97 percent of coal must stay in the ground. These cuts are already steep. But it’s likely that the study has underestimated the challenge, the authors warn.

Repeat this over and over: Climate change is not a national security threat, the Biden Admin's climate policy is a national security threat.

Reuters: A Republican lawmaker criticized Biden, a Democrat, for his anti-fossil fuel stance, arguing it has discouraged domestic energy production. “It’s pretty simple: if the President is suddenly worried about rising gas prices, he needs to stop killing our own energy production here on American soil," said Republican Senator John Cornyn of Texas, the top U.S. oil producing state.

Robert Yawger, director of energy futures at Japanese bank Mizuho, also critiqued the administration's statement. "I don't know why they aren't trying to get U.S. producers to increase production," he said.

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Reuters: "Biden administration said it would not call on U.S. producers to increase crude output, and that efforts to increase OPEC production were a longer-range plan." ... EIA data showed crude oil stockpiles fell last week, while gasoline inventories dipped to their lowest level since November. Overall, crude inventories have been on the decline for several weeks due to increased demand. U.S. fuel consumption, as measured by product supplied, fell in the most recent week, but over the last four weeks, sits at 20.6 million bpd, roughly in line with 2019 levels.

Climate Depot founder Marc Morano called the North Face incident "a prime example of a company pandering to the corporate woke trend." "If North Face wants to prove their stance is more than virtue signaling, they should refuse to sell their clothing to any customers who are employed in any fossil fuel company," Morano told the Times. "Or how about refusing to sell to any customers who used fossil fuels to travel to and from their stores? If not, why not?"

Morano asked some great questions, but don't wait for answers from North Face. The fact is, the company depends upon the very fossil fuels it purports to abhor, not only to make its products but also in connection with the industries and activities it depends on to propel its growth.