Focus: Oil giants drill deep as profits trump climate concerns
Oil and gas companies have intensified the hunt for new deposits in a long-term bet on demand, as they reinvest some of the record profits from the fossil fuel price surge driven by the Ukraine war, according to data and industry executives.
So nothing has changed. 😡😡😡😡😡
The oil industry has a history of engaging in substantial extraction based on wishful thinking followed by a bunch of massive losses. Done right, and they can largely end up shut down as this cycle progresses and peoples' willingness to burn it drops.
Let’s hope they all go out of business soon.👍
Let’s up they all go out of business soon. 👍
Money over people, always and forever.
Don't Look Up was a documentary from another reality.
This a sound defeat for now at least. But things can change( and are changing) and they might lost their entire investment in the future.
😡😡😡😡😡
Drilling will continue until morale profits improve.
The thing is that if oil burning starts to fall, more drilling results in lower profits. This has the real potential to drive oil companies into bankruptcy.
