06 Aug

Big Oil on a diet

From QZ, a look at the changing nature of the large oil companies:

“This may be more than a passing carnage. We may be witnessing a more-or-less orderly industry retreat from Big Oil’s old, unsustainable size and Wall Street expectation, and toward a more manageable—and healthy—scale of business.

A common feature across Big Oil—a group that includes BP, Chevron, ExxonMobil and Shell—is a serious struggle keeping its weight on. Investor attention fixates on the prospect of growing daily production, which is treated as a sign of corporate health and future value. In the second quarter, Exxon for example had every incentive to produce higher volumes—its average oil prices were $94 a barrel, compared with $79 last year. Yet it—and all the companies—instead reported a year-on-year production decline. Last year, Chevron’s production dropped by 2.4% from 2011 and ExxonMobil’s by 6%.”

(Via Big Oil would henceforth like to be known as Not-Really-Big-But-Still-Nicely-Profitable Oil – Quartz.)

21 Apr

Fossil fuels are still beating all other energy worldwide

The fact about total subsidies is still something I beat the drum about, that fossil fuels are subsidized more than alternative energy, something that has to change:

“Worldwide, more coal power is being installed because it’s inexpensive, reliable, and easy to incorporate into the grid. Before countries decide to stop building new coal plants, wind and solar and other low-carbon alternatives need to get cheaper.

Worldwide subsidies for fossil fuels, which at $523 billion are six times higher than subsidies for renewable energy. The fossil fuel subsidies do not include giving fossil fuels a free ride on air and water pollution.”

(Via Coal and Oil are still beating all other energy.)