03 Nov '16, 9pm

The Case of the Vanishing Oil Reserves

The Case of the Vanishing Oil Reserves

Another possible clue showed up in a report from Carbon Tracker , an organization that assesses how much of the world’s fossil fuels will have to stay in the ground if we’re going to avert catastrophic climate change. Carbon Tracker figures that a very large portion of oil reserves is unburnable, and that oil companies’ balance sheets should be adjusted to reflect that. So is climate action stealing Exxon’s oil? I decided to investigate. It turns out that, while opinions about the future of fossil fuels matter, and Carbon Tracker is trying to shift those opinions, oil companies’ assets probably won’t actually be stranded for this reason until the nations of the world adopt a hefty carbon tax. So, for better of worse, climate action is not yet leading Exxon and other companies to write down their reserves. I’m not saying the victim of this robbery is any angel. A lot of peo...

Full article: http://www.postcarbon.org/the-case-of-the-vanishing-oil-r...

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