So, in addition to polluting the environment and fighting a rapid transition to clean energy, a new article adds yet another reason why we're not fans of the oil industry.
The oil industry could waste up to $1.1 trillion in the next decade on unnecessarily expensive drilling projects, such as those in the Arctic and deep water, according to a new study.
That’s the total that oil explorers would have to spend through 2025 on projects that would require oil prices of at least $95 a barrel just to break even, Bloomberg News reported, citing a study by the Carbon Tracker Initiative.
Oil companies do not need to spend that money, because the amount of oil that the world could consume without warming the planet to dangerous levels is available from less expensive places that can be developed for $75 a barrel, the study said.
So here's an idea for the oil industry: instead of wasting $1.1 trillion trashing the environment, how about investing that money into energy efficiency, solar power, wind power, and other forms of clean, renewable energy? Come to think of it, perhaps investors in these companies should start demanding that.