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UNITED STATES: POLITICS: POLITICAL PARTIES: REPUBLICAN PARTY, TEA PARTY :
INDUSTRIES: PETROLEUM :
ENVIRONMENT: GLOBAL WARMING AND CLIMATE CHANGE: CLIMATE CHANGE DECEIT :
ENERGY: SOLAR :
ENERGY: ALTERNATIVE ENERGY:
Big Oil's Big Lies About Alternative Energy
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Big Oil's Big Lies About Alternative Energy
As President Obama calls for greater investments in alternatives, the
biggest energy companies are doubling down on riskier, more destructive
oil sources
By Antonia Juhasz
June 25, 2013
Rolling Stone
http://www.rollingstone.com/politics/news/
big-oils-big-lies-about-alternative-energy-20130625
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A shorter URL for the above link:
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http://tinyurl.com/pqh3dm6
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Since the Gulf oil disaster in 2010, BP has spent hundreds of millions of
ad dollars to cleanse its image as a dirty-energy giant. In the company's
latest TV ad, wind turbines whirl in the sun as a voiceover touts the
number of American jobs created by BP and promises, "We're working to fuel
America for generations to come." There's just one problem: BP's
commitment to wind energy is virtually nonexistent.
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In April, BP announced that it is selling off its entire $3.1 billion U.S.
wind energy business including 16 farms spread across nine states as
"part of a continuing effort to become a more focused oil and gas
company," according to a company spokesperson. Indeed, though it famously
rebranded itself "Beyond Petroleum" in 2000, BP also exited the solar
energy business back in 2011. Today, its alternative energy investments
are limited to biofuels and a lone wind farm in the Netherlands.
And BP is far from alone. You wouldn't know it from their advertising, but
the world's major oil companies have either entirely divested from
alternative energy or significantly reduced their investments in favor of
doubling down on ever-more risky and destructive sources of oil and
natural gas.
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Not that those commitments to alternatives were ever particularly grand.
Using very generous estimates, BP holds the oil industry record for the
highest percentage of expenditures committed to alternatives, with just 6
percent of its overall expenditures in 2011, right before it started
selling off its solar operations. Chevron and Shell run a distant second
with highs of 2.5 percent; none of the others have ever even cracked 1
percent.
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"The bottom line is that oil companies only invested a drop in the bucket
[in alternatives] even in the 'heyday' of the early 1980s," says Douglas
Cogan, vice president of investment firm MSCI ESG Research. "Most of the
largest [oil company] investors have dropped out in recent years,
following the precedent that Exxon set 30 years ago."
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Take ConocoPhillips, which highlights its "emerging technologies and
alternative energy sources" activities on its website but fails to
mention that in April 2012 it divested all of these activities to focus
exclusively on its "core business" of exploring for and producing oil and
natural gas, and specifically to take advantage of the North American
"shale revolution" and tar sands production in Canada. "ConocoPhillips is
an independent oil and gas company," says a spokesperson. "We do not have
an active renewable energy segment within our portfolio."
The newly created Phillips 66 (already the third-largest U.S. oil company)
took over ConocoPhillips' "downstream" activities meaning everything
after exploration and production. Other than limited investment in
second-generation biofuel research, Phillips 66, too, has abandoned
alternatives.
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The complete article may be read at the URL above.
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Sincerely,
David Dillard
Temple University
(215) 204 - 4584
jwne@xxxxxxxxxx
http://workface.com/e/daviddillard
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