<
https://www.theguardian.com/environment/2022/jul/21/revealed-oil-sectors-staggering-profits-last-50-years>
"The oil and gas industry has delivered $2.8bn (£2.3bn) a day in pure profit
for the last 50 years, a new analysis has revealed.
The vast total captured by petrostates and fossil fuel companies since 1970 is
$52tn, providing the power to “buy every politician, every system” and delay
action on the climate crisis, says Prof Aviel Verbruggen, the author of the
analysis. The huge profits were inflated by cartels of countries artificially
restricting supply.
The analysis, based on World Bank data, assesses the “rent” secured by global
oil and gas sales, which is the economic term for the unearned profit produced
after the total cost of production has been deducted.
The study has yet to be published in an academic journal but three experts at
University College London, the London School of Economics and the thinktank
Carbon Tracker confirmed the analysis as accurate, with one calling the total a
“staggering number”. It appears to be the first long-term assessment of the
sector’s total profits, with oil rents providing 86% of the total.
Emissions from the burning of fossil fuels have driven the climate crisis and
contributed to worsening extreme weather, including the current heatwaves
hitting the UK and many other Northern hemisphere countries. Oil companies have
known for decades that carbon emissions were dangerously heating the planet."
Via
Future Crunch Jul 25, 2022:
https://futurecrunch.com/good-news-aids-botswana-coal-us-ocean-colombia/
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
