Posts tagged oil
Earlier this year our organization, the Rockefeller Family Fund (RFF), announced that it would divest its holdings in fossil fuel companies. We mean to do this gradually, but in a public statement we singled out ExxonMobil for immediate divestment because of its “morally reprehensible conduct.”1 For over a quarter-century the company tried to deceive policymakers and the public about the realities of climate change, protecting its profits at the cost of immense damage to life on this planet. Our criticism carries a certain historical irony. John D. Rockefeller founded Standard Oil, and ExxonMobil is Standard Oil’s largest direct descendant. In a sense we were turning against the company where most of the Rockefeller family’s wealth was created. (Other members of the Rockefeller family have been trying to get ExxonMobil to change its behavior for over a decade.) Approached by some reporters for comment, an ExxonMobil spokesman replied, “It’s not surprising that they’re divesting from the company since they’re already funding a conspiracy against us.”2 What we had funded was an investigative journalism project.
Talking about “peak oil” can feel very last decade. In fact, the question is still current. Petroleum markets are so glutted and prices are so low that most industry commenters think any worry about future oil supplies is pointless. The glut and price dip, however, are hardly indications of a healthy industry; instead, they are symptoms of an increasing inability to match production cost, supply, and demand in a way that’s profitable for producers but affordable for society. Is this what peak oil looks like?
Alberta artist, Peter von Tiesenhausen, has effectively stopped oil corporations from putting a pipeline through his 800 acre property by covering it with artwork and copyrighting the top six inches of his land as an artwork. Realizing that mining companies can legitimately lay claim to any land underneath private property to a depth of six inches, van Tiesenhausen contacted a lawyer who drew up an intellectual property/copyright claim that said that if the oil company disturbed the top six inches in any way, it would be a copyright violation.
OpenOil is an energy consultancy and publishing house based in Berlin. We are a transparency business, seeking market-driven solutions which produce better outcomes from the oil and gas industry for the people of producing nations.