BP: Back to Petroleum.
Reuters (10/7/24) reports: "BP has abandoned a target to cut oil and gas output by 2030 as CEO Murray Auchincloss scales back the firm's energy transition strategy to regain investor confidence, three sources with knowledge of the matter said. When unveiled in 2020, BP's strategy was the sector's most ambitious with a pledge to cut output by 40% while rapidly growing renewables by 2030. BP scaled back the target in February last year to a 25% reduction, which would leave it producing 2 million barrels per day at the end of the decade, as investors focused on near-term returns rather than the energy transition."
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"Oregon and Washington residents will pay hundreds of billions of dollars to achieve emissions reductions without measurable impacts on world climate. By contrast, the impacts on the economic well-being of those individuals and businesses would be only too real. Soaring electricity costs will cripple the two states’ economies, causing the loss of thousands of jobs. Energy-intensive industries will likely flee, just as they have left European countries and California because of electricity costs that render them uncompetitive."
– Johnathan Lesser and Mitch Rolling, Discovery Institute
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