29 Oct '16, 12am

Exxon Warns on Reserves as it Posts Lower Profit: Oil producer to examine whether assets in an ar...

“Therein lies the problem with the Paris Agreement; it is a fantasy which lacks any actual plan of how to achieve the targets for emissions reductions. There are no mentions of GHG sources, not a single comment on fossil fuel use, nothing about how to stop the expansion of fracking, shale oil or explorations for oil and gas in the Arctic and Antarctic. Similarly, there are no means for enforcement. Article 15 on implementation and compliance establishes an expert committee that will be ‘non-adversarial and non-punitive’, which means that it has no teeth and can do nothing about non-compliance. Then, there is Article 28, which offers the withdrawal option without any sanctions. Everyone seems to have already conveniently forgotten how Canada backed out of the Kyoto Protocol in order to frack on a massive and environmentally catastrophic industrial scale.”

Full article: http://peakoil.com/business/exxon-warns-on-reserves-as-it...

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The Case of the Vanishing Oil Reserves

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