31 Oct '16, 1pm

Big Oil Is in Big Trouble via @EcoWatch

Big Oil Is in Big Trouble via @EcoWatch

Something significant happened on Friday that warrants more than just a few column inches in a newspaper. With the most divisive presidential election in U.S. history just days away from concluding, it is easy to understand why more is not being made of the news, but just to tell you something seismic happened on Friday last week. The world's largest listed oil company, Exxon, announced that it was going to have to cut its reported proved reserves by just under a fifth—by 19 percent. It would be the biggest reserve revision in the history of the oil industry. It is yet another sign that Big Oil is in big trouble. For years people have been warning that Big Oil's business model was fundamentally flawed and was not only putting the climate at risk, but millions of dollars of shareholders' money. For years the industry's critics warned the industry was ignoring the risks of c...

Full article: http://www.ecowatch.com/big-oil-exxon-big-trouble-2072533...

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