Look West: Public lands and energy news from the Center for Western Priorities
** Big Oil’s profits keep rolling in as world economy sputters
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Thursday, October 27, 2022
Pumpjacks in California, Wikimedia Commons ([link removed])
Major oil companies raked in $50 billion in third-quarter earnings, Bloomberg reports ([link removed]) , showing only a minor profit decrease while the global economy suffers and consumers pay the price. The five biggest companies—ExxonMobil, Chevron, Shell, TotalEnergies, and BP—are on track to have their second-highest earnings since the early 2000s, while consumers pay the price at the pumps.
These profits are not being used to help stabilize prices for consumers—companies are instead pocketing them as stocks and dividends. President Biden recently denounced Big Oil profits and called on companies ([link removed]) to "invest in America" by using profits for increased production. In the past, Big Oil has invested in production during boom periods, but in this year of record profits, it seems companies are holding on to their cash. As of August 2022, companies had stockpiled nearly 9,000 unused permits to drill ([link removed]) on public lands that they could use at any time.
It's clear that the boom-and-bust nature of the oil industry only hurts consumers while executives reap the reward. The only way to stabilize energy costs long-term is to move towards renewable energy sources. President Biden highlighted ([link removed]) the need for permitting reform to speed up energy production of all kinds and stabilize prices for consumers. If done correctly ([link removed]) , permitting reform could reduce delays for renewable energy development, but it's important that lawmakers focus on targeted solutions without short-cutting environmental reviews or sacrificing NEPA standards.
Quick hits
** Colorado, Western states propose management deal over beleaguered Rio Grande
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Associated Press ([link removed])
** Fate of historic Black schoolhouse hinges on NEPA fight
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E&E News ([link removed])
** How smoke from wildfires underscores the need for better climate infrastructure
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Sierra Magazine ([link removed])
** Invasive zebra mussels have arrived in Colorado for the first time, raising fears they could spread
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Colorado Sun ([link removed])
** Opinion: Regulators must stop letting industry pollute aquifer
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WyoFile ([link removed])
** The world made a pledge to end deforestation and immediately fell off track
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HuffPost ([link removed])
** Interior seeks SCOTUS ruling in Navajo Colorado River clash
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E&E News ([link removed])
** Arizona lawmaker urges Colorado River action
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E&E News ([link removed]) | 12News ([link removed])
Quote of the day
” It's funny to say that housing is a solution to climate change, but for this population, it is the healthcare infrastructure that they need.”
—Anne Martens ([link removed]) , King County Regional Homelessness Authority
Picture this
** @USFWS ([link removed])
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Monsters DO exist! Meet the Gila monster, a resident of the southwestern deserts. These largest American lizards are venomous. If you're lucky enough to spot one IRL, give them plenty of space and it can be a safe encounter for both of you. Photo: Jeff Servoss/USFWS
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