Category: Economics

Will the Extraction Industry’s Economic Turmoil Blight Colorado?

10/22/2020

Mark Schell’s family has farmed in Colorado since 1906 and even though he works as a certified public accountant, he hasn't left that way of life behind. About a year ago, Schell bought a 310-acre farm in Mead, Colorado, that he leases to someone else to raise crops. But he was spending more and more time there, trying to get Occidental Petroleum to clean up, or “plug,” old wells the company inherited when it bought Anadarko Petroleum in 2019. “(Occidental) started plugging these in April and then they told me they weren’t going to plug the rest of them...because they don’t have the money,” Schell said. - HCN

An aerial view shows gas wells encroaching on the Roan Plateau near the town of Battlement Mesa, Colorado.

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Exxon, Oil Rivals Shield Their Carbon Forecasts From Investors

10/19/2020

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There’s evidence oil majors do assess the climate consequences of their future plans. Exxon had internal projections, never made public, that showed a 17% rise in carbon-dioxide emissions over the next five years, according to company documents reviewed by Bloomberg. In a statement, Exxon said those projections were “a preliminary, internal assessment of estimated cumulative emission growth through 2025” and that its projections had since changed. - Bloomberg NEF via MSN

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US Fossil Fuel Giants Set for a $750 Billion Bond Coronavirus Bailout Bonanza

10/4/2020

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Fossil fuel companies and coal-powered utilities in the US are set for a potential bonanza under federal government plans for a bond bailout, part of the rescue package for the coronavirus crisis. At least 90 fossil fuel companies, many of them established giants such as ExxonMobil, Chevron and Koch Industries, stand to gain from the Federal Reserve’s coronavirus bond buyback programme, alongside more than 150 utilities including coal-heavy firms such as American Electric Power and Duke Energy, according to a new analysis. - The Guardian

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Leaded Soil Endangers Residents in New York Neighborhoods

10/2/2020

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- City parks can be a haven for homebound residents looking to escape the quarantine blues this year, but an invisible threat might be lurking just below the surface. A new study describes dangerously high levels of lead in the soil of several parks in New York City. Researchers found that lead levels are highest in areas undergoing rapid growth and redevelopment. “We have over 36,000 people moving into these areas—and lead contamination in the soil,” said study coauthor Brian Pavilonis, a professor at the Graduate School of Public Health and Health Policy at the City University of New York (CUNY). “That’s a lot of people who could all be exposed.” - EOS

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Walmart Outlines Climate-Friendly Goal to Decarbonize Operations Within 20 Years

9/21/2020

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Walmart plans to power all of its 11,500 locations worldwide with renewable energy sources such as wind and solar by 2035. So far, the company powers around 30% of its operations from renewable energy. The company is targeting 50% by 2025, before hitting its newest target of 100% by 2035. "That's the biggest part of our emission footprint today, so it's really important for us to make sure and get to that target," Zach Freeze told Yahoo Finance. According to Freeze, another critical area for the company is electrifying and zeroing out emissions from its vehicles, including its fleet of long-haul trucks, by 2040. - Yahoo Finance

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BP Report: Oil is Dying, Long Live Green Energy

9/15/2020

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BP stated in a forecast published today that oil may have reached its peak due to the pandemic and that renewables will take the place of fossil fuels. BP has released its 2020 Energy Outlook, which is remarkably different from its 2019 report, when BP’s base case only expected oil consumption to grow over the next decade, reaching a peak in the 2030s. The report looks at three scenarios to explore energy transition to 2050. BP writes that “the scenarios help to illustrate the range of outcomes possible over the next 30 years, ‎although the uncertainty is substantial and the scenarios do not provide a comprehensive ‎description of all possible outcomes.‎" - Elektrek & BP Energy Outlook Report

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Will the Extraction Industry’s Economic Turmoil Blight Colorado?

Exxon, Oil Rivals Shield Their Carbon Forecasts From Investors

US Fossil Fuel Giants Set for a $750 Billion Bond Coronavirus Bailout Bonanza

Leaded Soil Endangers Residents in New York Neighborhoods

Walmart Outlines Climate-Friendly Goal to Decarbonize Operations Within 20 Years

BP Report: Oil is Dying, Long Live Green Energy

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