Tag: oil industry

The oil industry boasts that it fills state coffers with revenues from drilling, but a new study finds a serious gap in funding available to tackle the environmental legacy of abandoned wells.

Fossil fuel companies, experts say, “cannot be relied upon to decarbonize at the speed and scale needed” to tackle rising global emissions.

“Our state regulators—and our industry—has a long way to go to clean up our act.”

Not only is the U.S. shale oil industry failing financially and facing debts it likely can’t repay, but calls are growing for the new Biden administration to reinstate the crude oil export ban.

“I welcome an end to federal fossil fuel leasing and the necessary transitions to more sustainable economies for the Navajo Nation.”

This industry push is a concerted effort to squash climate liability lawsuits.

With oil prices down and wealthy countries bungling COVID-19, the pandemic has exposed the weaknesses that wealth papers over.

“We want to be compensated for the costs of climate damages both past, present and future.”

“The pandemic has taken essentially every weakness that already existed in the oil industry and then made each of them much, much worse..."

While AEA is calling the defeat of the EV tax credit extension a “holiday reprieve for taxpayers,” the move is perhaps more accurately described as a holiday gift to the oil industry.