Texas oil billionaires line up behind Trump and GOP. For some, it’s personal.
From the article
"For all their self-important bluster, oil and gas leaders are scared that electric vehicles, renewable energy sources and new storage technologies will reveal how little we need oil and gas. If former President Donald Trump loses, fossil fuel executives will spend the rest of their careers managing a declining industry."
#politics #climate
@BrentSullivan That is their lot regardless until they pivot to renewables. China et al ain't waiting.
@b4cks4w
It needs to be a managed transition because so much of our economy is built on fossil fuels
Fossil fuel company values are built on 2 things, proven reserves and daily production. Substantial transition will result in production declines and the reserves becoming "stranded assets" of little value
An unmanaged transition would rock the financial world worse than the 2008 financial crisis
Govt taking on that job is <cue scary music> socialism
@BrentSullivan I know the Saudis are investing massively (as they do) in solar. Can't tell what Exxon, Shell, BP, etc are up to other than lobbying and buying fancy dinners. Always possible they have an actual transition plan of some sort. Not one I like; China has cornered the market on solar panel manufacturing; theirs cost a third of US-made and half of Singapore's.
@b4cks4w
I've read the annual reports of many of the majors. They aren't doing squat