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“There is no doubt”: Exxon Knew CO2 Pollution Was A Global Threat By Late 1970s

“There is no doubt”: Exxon Knew CO2 Pollution Was A Global Threat By Late 1970s

Throughout Exxon’s global operations, the company knew that CO2 was a harmful pollutant in the atmosphere years earlier than previously reported.

DeSmog has uncovered Exxon corporate documents from the late 1970s stating unequivocally “there is no doubt” that CO2 from the burning of fossil fuels was a growing “problem” well understood within the company.

It is assumed that the major contributors of CO2 are the burning of fossil fuels… There is no doubt that increases in fossil fuel usage and decreases of forest cover are aggravating the potential problem of increased CO2 in the atmosphere. Technology exists to remove CO2 from stack gases but removal of only 50% of the CO2 would double the cost of power generation.” [emphasis added]

Those lines appeared in a 1980 report, “Review of Environmental Protection Activities for 1978-1979,” produced by Imperial Oil, Exxon’s Canadian subsidiary.

#exxonknew - it is assumed

#exxonknew | there is no doubt
[click on any of the screenshots in this story to see a PDF of the full document]

A distribution list included with the report indicates that it was disseminated to managers across Exxon’s international corporate offices, including in Europe.

#exxonknew | distirbution list
[click here to download the full PDF version of “Review of Environmental Protection Activities for 1978-1979”]

The next report in the series, “Review of Environmental Protection Activities for 1980-81,” noted in an appendix covering “Key Environmental Affairs Issues and Concerns” that: CO2 / GREENHOUSE EFFECT RECEIVING INCREASEDMEDIA ATTENTION.

…click on the above link to read the rest of the article…

Tomgram: Bill McKibben, It’s Not Just What Exxon Did, It’s What It’s Doing

Tomgram: Bill McKibben, It’s Not Just What Exxon Did, It’s What It’s Doing

The time scale should stagger you.  Just imagine for a moment that what we humans do on this planet will last at least 10,000 more years, and no, I’m not talking about those statues on Easter Island or the pyramids or the Great Wall of China or the Empire State Building.  I’m not talking about any of our monumental architectural-cum-artistic achievements.  Ten thousand years from now all the monuments to our history may be forgotten ruins or simply obliterated, while what we’re doing at this very moment that’s truly ruinous may outlast us all.  I’m thinking, of course, about the burning of fossil fuels and the sending of carbon dioxide (and other greenhouse gases) into the atmosphere.   It’s becoming clearer by the month that, if not brought under control relatively quickly, this process will alter the global environment in ways that will affect humanity and everything else living on this planet for what, from a human point of view, is eternity.

In essence, there’s no backsies when it comes to climate change.  Once you’ve begun the full-scale destabilization and melting of the Greenland ice sheet and of the vast ice sheets in the Antarctic, for instance, the future inundation of coastal areas, including many of humanity’s major cities, is a foregone conclusion somewhere down the line.  In fact, a recent study, published in the journal Nature Climate Change by 22 climate scientists, suggests that when it comes to the melting of ice sheets and the rise of seas and oceans, we’re not just talking about how life will be changed on Planet Earth in 2100 or even 2200.  We’re potentially talking about what it will be like in 12,200, an expanse of time twice as long as human history to date.

…click on the above link to read the rest of the article…

S&P Just Downgraded 10 Of The Biggest US Energy Companies

S&P Just Downgraded 10 Of The Biggest US Energy Companies

Just 10 days after “Moody’s Put Over Half A Trillion Dollars In Energy Debt On Downgrade Review“, moments ago S&P decided it wanted to be first out of the gate with a wholesale downgarde of the US energy companies, and announced that it was taking rating actions on 20 investment-grade companies, including 10 downgrades.

The full release is below:

Standard & Poor’s Ratings Services said today that it has taken rating actions on 20 investment-grade U.S. oil and gas exploration and production (E&P) companies after completing a review. The review followed the recent revision of our hydrocarbon price assumptions (see “S&P Lowers its Hydrocarbon Price Assumptions On Market Oversupply; Recovery Price Deck Assumptions Also Lowered,” published Jan. 12, 2016).

While oil prices deteriorated over the past 15 months, the U.S.-based investment-grade companies we rate had been largely immune to downgrades. However, given the magnitude of the recent reductions in our price deck, most of the investment-grade companies were affected during this review. We expect that many of these companies will continue to lower capital spending and focus on efficiencies and drilling core properties. However, these actions, for the most part, are insufficient to stem the meaningful deterioration expected in
credit measures over the next few years.

A list of rating actions on the affected companies follows.

DOWNGRADES

Chevron Corp. Corporate Credit Rating Lowered To AA-/Stable/A-1+ From AA/Negative/A-1+ 

The downgrade reflects our expectation that in the context of lower oil and  gas prices and refining margins, the company’s credit measures will be below our expectations for the ‘AA’ rating over the next two years. We anticipate Chevron will significantly outspend internally generated cash flow to fund major project capital spending and dividends this year and generate little cash available for debt reduction over the following two years.

…click on the above link to read the rest of the article…

Stunning Drone Footage Of The Midwest Flooding Wreaking Havoc On US Oil

Stunning Drone Footage Of The Midwest Flooding Wreaking Havoc On US Oil

After the first deadly winter storm this season, now come the floods: the near-record water level across the U.S. Midwest has disrupted everything from oil to agriculture, forcing pipelines, terminals and grain elevators to close. This is the worst flood in the region since May 2011, when rising water on the Mississippi and its tributaries deluged cities, slowed barge traffic and threatened refinery and chemical operations and is just shy of the worst flood of breaking 30-year records.

According to Bloomberg, the floods have killed at least 20 people and shut hundreds of roads across Missouri and Illinois, according to AccuWeather Inc. Rain-swollen rivers will set records in the Mississippi River basin through much of January. Fifty miles (80 kilometers) of the Illinois River remain closed, according to the U.S. Coast Guard, as well as five miles of the Mississippi River.

Additionally, the Coast Guard issued a high-water safety advisory for 566 miles of Mississippi River between Caruthersville, Missouri, and Natchez, Mississippi. It also instituted high-water towing limitations near Morgan City, Louisiana, for vessels heading south that are 600 feet or shorter, it said in a statement.

And while water levels have started to recede in some areas, closures and restrictions remain in place for safety, said Jonathan Lally, a spokesman for the U.S. Coast Guard. “The high water is kind of moving in a big glob and it’s on its way down,” he said Friday in a telephone interview from New Orleans.

The impact of the flood has hit farmers, with hog producers in southern Illinois calling other farmers, hoping to find extra barn space to relocate pigs. Processors are sending additional trucks to retrieve market-ready pigs, she said. In one case, an overflowing creek took out electricity and made roads impassable, causing 2,000 pigs to drown.

But the flood’s most adverse economic impact may be on oil,  which may see an even greater increase in stockpiles as a result, pushing the price of oil even lower.

…click on the above link to read the rest of the article…

 

Groups Hand 360,000 Signatures to Justice Department Calling for “Exxon Knew” Probe

Groups Hand 360,000 Signatures to Justice Department Calling for “Exxon Knew” Probe

With the hottest October in world history recorded recently, a slew of advocacy groups have delivered 360,000 petition signatures to the U.S. Department of Justice, calling for a probe of petrochemical industry giant ExxonMobil’s history of funding climate change denial despite what the company knew about climate science.

The groups ranging from 350.org, Food and Watch Watch, Climate Parents, Moms Clean Air Force, The Nation, Sierra Club and others have asked DOJ to investigate what ExxonMobil knew about climate change and when the company knew it, juxtaposing that insider knowledge, exposed by both InsideClimate News and The Los Angeles Times, with the climate change denial campaign it funded both in the past and through to the present.

“That’s right: decades before climate change became a hotly debated political issue, the biggest oil company in the world was doing cutting-edge research into just what was causing it and how dangerous it might be,” reads the petition, pointing back to the research the company did on climate change dating back to the 1970’s and 1980’s.

“But Exxon chose to protect their profits over the planet, and proceeded to cover up their findings for nearly forty years.,” it continues. “They hid the work of their own scientists, while financing an elaborate network of climate-denial think tanks, organizations, and politicians.”

“Might Get Away With It”

The petition also says that while it’s unsurprising ExxonMobil committed such a deed, what’s scary is that in the legal sphere “they just might get away with it.”

That concern by the groups does not arise out of a vacuum.

Case in point: coal giant Peabody Energy recently got off the hook in the aftermath of a New York State Attorney General Office investigation by merely amending some line-items in its corporate securities filings with the U.S.Securities and Exchange Commission (SEC).

…click on the above link to read the rest of the article…

Oil and Gas Industry Publicly Supports Climate Action While Secretly Subverting Process, New Analysis Shows

A new report recently released by InfluenceMap shows a number of oil and gas companies publicly throwing their support behind climate initiatives are simultaneously obstructing those same efforts through lobbying activities.

The report, Big Oil and the Obstruction of Climate Regulations, comes on the heels of the Oil and Gas Climate Initiative, a list of climate measures released by the CEOs of 10 major oil and gas companies including BP, Shell, Statoil and Total.

According to InfluenceMap the initiative is an attempt by leading energy companies to “improve their image in the face of longstanding criticism of their business practices ahead of UN COP21 climate talks in Paris.”

The big European companies behind the OGCI…will come under ever greater scrutiny, as the distance between the companies’ professed positions and the realities of the lobbying actions of their trade bodies grows ever starker,” InfluenceMap stated in a press release.

The group’s analysis shows a major disconnect between climate rhetoric and action among three key policy strands: carbon tax, emissions trading and greenhouse has emissions regulations.

The findings show companies like Shell and Total publicly support carbon pricing while at the same time support trade organizations that systematically obstruct the legislation’s implementation.

Oil majors BP, Chevron and Exxon also support these lobby groups but spend less time publicly supporting a price on carbon.

Dylan Tanner, executive director of InfluenceMap, said industry is becoming more cautious of public oversight and as a result, has become subtler with its efforts to subvert climate progress.

Companies like Shell appear to have shifted their direct opposition to climate legislation to certain key trade associations in the wake of increasing scrutiny,” Tanner said.

Investors and engagers need to be aware that these powerful energy and chemicals-sector trade bodies are financed by, and act on the instruction of, their key members and should thus be regarded as extensions of such corporate-member activity and positions.”

…click on the above link to read the rest of the article…

 

Exxon: We knew climate change was a real threat (but we didn’t want you to)

Exxon: We knew climate change was a real threat (but we didn’t want you to)

One of the big complaints about climate change deniers is that they don’t fund any genuine primary scientific research into climate change.

We are used to deniers extracting out-of-context passages from existing legitimate climate research and pretending those passages support the denialist position. But wait…we now know, thanks to recent coverage by Inside Climate News and the Los Angeles Timesthat at least one climate change denier did fund a great deal of legitimate climate research.

And, what did that research show? It showed that climate change is real, is caused in great measure by human activities and has the potential to disrupt human society significantly. To be fair, when Exxon Corp. (now Exxon Mobil Corp., the world’s largest publicly traded oil company) engaged in this research in the 1970s and 1980s, it was genuinely trying to understand the relationship between carbon dioxide emissions and climate change. During that time Exxon scientists collaborated openly with prominent academic and government researchers and were even praised for their commitment and professionalism.

But, as we all know, that openness did not last. As the scientific findings became more alarming, the company began to see the findings from climate research as a threat to its business. Exxon launched a public relations offensive to dispute what climate researchers around the world were discovering, an offensive that lasted until 2008 when the company announced that it would end its support for the vast network of climate change denial organizations it had helped to build. (Whether the company did, in fact, end that support is disputed.)

You can read all the gory and disturbing details concerning this turnabout at the sites linked above. Some might consider this old news. Those who keep up on climate news are certainly familiar with the large denialist apparatus of front groups, fake think tanks and public relations firms supported by Exxon and others.

…click on the above link to read the rest of the article…

Imagine If Exxon Had Told the Truth on Climate Change

Imagine If Exxon Had Told the Truth on Climate Change

Like all proper scandals, the #Exxonknew revelations have begun to spin off new dramas and lines of inquiry. Presidential candidates have begun to call for Department of Justice investigations, and company spokesmen have begun to dig themselves deeper into the inevitable holes as they try to excuse the inexcusable.

(Worst idea: attack Pulitzer prize-winning reporters as “anti-oil and gas activists”)

As the latest expose installment from those hopeless radicals at the Los Angeles Times clearly shows, Exxon made a conscious decision to adopt what a company public affairs officer called “the Exxon position.” It was simple: “Emphasize the uncertainty.” Even though they knew there was none.


Sowed Doubt about for Decades: http://insideclimatenews.org/news/22102015/Exxon-Sowed-Doubt-about-Climate-Science-for-Decades-by-Stressing-Uncertainty 

Why Exxon Executives Deserve the Ultimate Punishment

Why Exxon Executives Deserve the Ultimate Punishment

earns-exxon-mobile-fc95b2a9be1ad648

On October 16, 1946, shortly after the conclusion of the Nuremberg Trials, ten prominent members of the political and military leadership of Nazi Germany were marched to the gallows. Some of the former elite Nazis did not die quickly of an intended broken neck but strangled slowly. Since the trapdoor was too small, several of the condemned suffered bloody head injuries when they hit its sides while falling through.

What sort of grisly sentence shall we impose on the masters of the great capitalist carbon-industrial complex for their efforts to exterminate human (and other forms of) life by the turning the planet into a giant Greenhouse Gas chamber? The Nazis, to be sure, to be sure, killed in the tens of million, including six million Jews murdered with explicit genocidal intent. (The Allies and the U.S. also committed monumental war crimes, including the appalling atom-bombing of Hiroshima and Nagasaki). But anthropogenic – really capitalogenic – global warming threatens to end the human experiment altogether. Exterminist Ecocide is hard to beat when it comes to criminality.

“Oh,” one defense of the corporate Greenhouse Gassers runs, “but nobody really knew about the danger to life posed by the rapacious drilling and burning of fossil fuels until quite recently.”

Wrong. The story of climate change and the oil corporations is very much like the story of lung cancer and the big tobacco firms. Millions of Americans – including both of my parents – grew up convinced that it was okay to smoke cigarettes for years only to learn later that tobacco products were highly lethal. Their understanding of that terrible fact was tragically set back by a tobacco industry that worked for decades to knowingly obstruct the truth with a spurious message of scientific uncertainty and by advertisements that presented cigarettes as a sign and even source of healthy vitality. The tobacco companies made these commercials with full knowledge of the medical research showing that science showed that cigarettes were sending millions to early graves

…click on the above link to read the rest of the article…

Saudis Poke The Russian Bear, Start Oil War In Eastern Europe

Saudis Poke The Russian Bear, Start Oil War In Eastern Europe

Any weakening of Russian support for Mr. Assad could be one of the first signs that the recent tumult in the oil market is having an impact on global statecraft. Saudi officials have said publicly that the price of oil reflects only global supply and demand, and they have insisted that Saudi Arabia will not let geopolitics drive its economic agenda. But they believe that there could be ancillary diplomatic benefits to the country’s current strategy of allowing oil prices to stay low — including a chance to negotiate an exit for Mr. Assad.

That’s a quote from a New York Times article that ran in February of this year.

At the time, we pointed to the piece as evidence that yet another conspiracy “theory” has become conspiracy “fact” as it effectively served to validate (to the extent The New York Times is validation) the thesis that at the end of the day, this is all about energy.

If the Saudis could use oil prices to force Moscow into ceding support for Bashar al-Assad in Syria, then the West and its regional allies could get on with facilitating his ouster by way of arming and training rebels. Once Assad was gone, a puppet government could be installed (after some farce of an election that would invariably pit two Western-backed candidates against each other) then Riyadh, Doha, and Ankara could work with the new government in Damascus to craft energy deals that would not only be extremely lucrative for all involved, but would also help to break Gazprom’s iron grip on energy supplies to Europe. 

Those are the “ancillary diplomatic benefits” mentioned in The Times piece.

Only it didn’t work out that way.

…click on the above link to read the rest of the article…

Big Oil, Big Tobacco, Big Lies

Big Oil, Big Tobacco, Big Lies

Over the last few years, a growing number of people have been taking a hard look at what is happening to our planet – historic droughts, rising sea levels, massive floods – and acknowledging, finally, that human activity is propelling rapid climate change. But guess what? Exxon (now ExxonMobil) had an inkling of this as early as 1978.

By the early 1980s, Exxon scientists had much more than an inkling. They not only understood the science behind climate change, but also recognized the company’s own outsize role in driving the phenomenon. Recognizing the potential effects as “catastrophic” for a significant portion of the population, they urged Exxon’s top executives to take action. Instead, the executives buried the truth.

There may be a silver lining to this infuriating story: the recent investigation that exposed Exxon’s deceit could end up catalyzing the action needed to address the looming climate crisis. After all, similar revelations about the tobacco industry – what the major cigarette companies knew and when they knew it – transformed the public-health landscape.

In 1996, a series of lawsuits forced tobacco companies to release millions of internal documents, which confirmed what public-health advocates and policymakers had long suspected: as early as the 1950s, the industry knew that nicotine was addictive and that cigarettes caused cancer. But, to protect its own interests, Big Tobacco deliberately misled the public, doing everything possible to cast doubt on scientific findings that it knew to be accurate. Such tactics enabled the industry to delay, for more than 50 years, regulation that could have saved millions of lives annually.

After the revelations, however, it was clear that the tobacco industry was a malevolent force that did not belong in the policymaking process. With Big Tobacco out of the picture, and armed with evidence of the real effects of tobacco consumption, health advocates were finally able to compel their governments to act.

Read more at https://www.project-syndicate.org/commentary/exxonmobil-scandal-climate-policy-by-kelle-louaillier-and-bill-mckibben-2015-10#TXsGAuoOQLybvj6Q.99

 

The Exxons of agriculture

Credit: Pawel Kuczynski (http://www.pawelkuczynski.com).

 

Read the media release about this report here

It goes without saying that oil and coal companies should not have a seat at the policy table for decisions on climate change. Their profits depend on business-as-usual and they’ll do everything in their power to undermine meaningful action.

But what about fertiliser companies? They are essentially the oil companies of the food world: the products they get farmers to pump into the soil are the largest source of emissions from farming.1 They, too, have their fortunes wrapped in agribusiness-as-usual and the expanded development of cheap sources of energy, like shale gas.*

Exxon and BP must envy the ease their fertiliser counterparts have had in infiltrating the climate change policy arena. World leaders are about to converge for the 21st Conference of the Parties (COP21) in Paris in December, but there is only one major intergovernmental initiative that has emerged to deal with climate change and agriculture  and it is controlled by the world’s largest fertiliser companies.

The Global Alliance for Climate Smart Agriculture, launched last year at the United Nations (UN) Summit on Climate Change in New York, is the culmination of several years of efforts by the fertiliser lobby to block meaningful action on agriculture and climate change. Of the Alliance’s 29 non-governmental founding members, there are three fertiliser industry lobby groups, two of the world’s largest fertiliser companies (Yara of Norway and Mosaic of the US), and a handful of organisations working directly with fertiliser companies on climate change programmes. Today, 60% of the private sector members of the Alliance still come from the fertiliser industry.2

…click on the above link to read the rest of the article…

Exxon’s Own Research Confirmed the Role of Fossil Fuels in Global Warming Decades Ago

Exxon’s Own Research Confirmed the Role of Fossil Fuels in Global Warming Decades Ago

Minale Tattersfield / CC BY 2.0

Oil giant Exxon conducted cutting-edge climate research in the 1970s, and then, without disclosing the findings of its scientists, worked to manufacture doubt about the scientific consensus of its own research.

A groundbreaking investigation shows how the company’s top executives were warned of possible catastrophe from global warming, then led efforts to block solutions.

InsideClimate News explains:

At a meeting in Exxon Corporation’s headquarters, a senior company scientist named James F. Black addressed an audience of powerful oilmen. Speaking without a text as he flipped through detailed slides, Black delivered a sobering message: carbon dioxide from the world’s use of fossil fuels would warm the planet and could eventually endanger humanity.

“In the first place, there is general scientific agreement that the most likely manner in which mankind is influencing the global climate is through carbon dioxide release from the burning of fossil fuels,” Black told Exxon’s Management Committee, according to a written version he recorded later.

It was July 1977 when Exxon’s leaders received this blunt assessment, well before most of the world had heard of the looming climate crisis.

A year later, Black, a top technical expert in Exxon’s Research & Engineering division, took an updated version of his presentation to a broader audience. He warned Exxon scientists and managers that independent researchers estimated a doubling of the carbon dioxide (CO2) concentration in the atmosphere would increase average global temperatures by 2 to 3 degrees Celsius (4 to 5 degrees Fahrenheit), and as much as 10 degrees Celsius (18 degrees Fahrenheit) at the poles.  Rainfall might get heavier in some regions, and other places might turn to desert.

“Some countries would benefit but others would have their agricultural output reduced or destroyed,” Black said, in the written summary of his 1978 talk.

 

…click on the above link to read the rest of the article…

The “Peña Nieto Bottom”

The “Peña Nieto Bottom”

When Enrique Peña Nieto’s government pushed a historic energy reform bill through the Mexican congress in 2013, it was hoped that it would serve not only to privatize but also modernize Mexico’s state-owned Pemex and allow it to compete with giants like Exxon. However, the one thing the government seemingly hadn’t counted on was the collapse in global oil prices.

At the time, Brent oil prices were sitting pretty at around $110 per barrel. It was assumed those prices were there to stay; instead, they have plummeted to $50 per barrel.

Peña Nieto Bottom

Despite the government’s constant denials, the pain is beginning to show. The first auction of off shore oil leases, in July, was an unmitigated disaster, with only two of 14 exploration blocks awarded, both going to the same Mexican-led trio of energy firms.

Oil is no longer a seller’s market. The financial arithmetic facing a potential investor has been turned on its head by the recent collapse of oil prices. As a result, many projects that were a slam- dunk just a year ago have become distinctly dicey propositions. At the same time fierce, competition among oil producing nations continues to drive prices southward.

As Bloomberg reports, Brazil and Mexico are preparing to compete for investments from some of the same oil majors when they hold auctions only a week apart at a time that the price rout is prompting spending cuts:

“In times of low oil prices, all companies need low costs and promising returns,” John Forman, a consultant and former director at Brazil’s oil regulator, said in an interview in Rio de Janeiro. “Brazil and Mexico will compete for resources and low-cost projects will be key.”

 

…click on the above link to read the rest of the article…

What Does Exxon Know That We Don’t?

What Does Exxon Know That We Don’t?

Forecasts from the IEA and Goldman Sachs this week are trying to say that crude barrels are still overpriced – but the market isn’t listening.  I’ve been convinced that crude prices above $60 are counterproductive as Goldman said in their recent note – but other factors are continuing to help push prices higher.

Let’s take a closer look and see what’s going on – and what might go on in the near future.

Some short-term fundamentals continue to push traders into long positions in oil.  I’ve been among the first to point out the large outflows of capital from just about every other asset class, save for energy stocks and commodities.  This isn’t particularly smart analysis, but clearly money managers and institutional investors are looking for ‘value’ in a very hot market – and oil stocks and commodities look just too low to them.  For these ‘value searchers’, it’s damn the fundamentals – full speed ahead, and oil catches a bid with every, even small bullish indication.

As appears to be the case with Chinese demand, which has incrementally picked up in recent months.  But it’s not like Chinese imports aren’t being met for the most part – they are finding more oil now than ever before in their history.  And imported oil is not being used.  Several reports have Chinese oil stockpiles growing for the last 7 weeks – an obvious way for China to hoard oil that they think is going to get more expensive later.

US stockpiles have come slightly down in the last few EIA reports – a surprise for many who believed that storage would increase throughout the summer.  Many are extrapolating that this drop in stockpiles is a harbinger of slower production from slashed numbers of rig counts, but this may be very premature.

…click on the above link to read the rest of the article…

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