Prices Are Spiking and Options Are Shrinking: We’re at a Tipping Point for Oil & Gas 

Better option number two would be to win the midterms by standing with the planet: impose a war tax on carbon profiteers and spend the proceeds on transitioning to renewables.The shift to clean energy doesn’t have to go slowly. Electric car sales rose 43% in 2020 over 2019, and 108% in 2021 over last year. Stocks in renewables are out performing oil and gas right now. Tipping points tip. If anything good could come of this grim, ghastly time, this could be it. We have certainly hit the bottom of the gas and oil barrel.

Source: Opinion | Prices Are Spiking and Options Are Shrinking: We’re at a Tipping Point for Oil & Gas | Laura Flanders

 

As a new analysis revealed Monday that fossil fuel industry lobbyists have a larger presence at the COP26 than any country, global campaigners criticized the first draft of the final decision text for the United Nations climate summit for failing to even mention phasing out coal, gas, and oil.Greenpeace International, in a statement, highlighted that “this glaring omission” comes despite expert warnings about the need to keep fossil fuels in the ground that have mounted in the leadup to the ongoing summit in Glasgow, Scotland.“What’s very concerning here in Glasgow is that the first draft of the climate pact text is already exceptionally weak. Usually, the text starts with some ambition, which then gets watered down,” said Greenpeace International executive director Jennifer Morgan.Parties to the 2015 Paris climate agreement aim to keep global temperature rise this century “well below” 2°C, with a target of limiting it to 1.5°C. “To keep 1.5 alive,” Morgan said, “fossil fuels phase-out” must be added to the decision text, and “countries must come back next year to close the gap.”The London-based Environmental Justice Foundation blasted the draft text as “a love letter” to the fossil fuel industry, with CEO and founder Steve Trent warning in a statement that “without a fossil fuel phase-out, 1.5°C is well and truly dead, taking with it countless lives, whole cultures, and entire nations.”

Source: First draft of COP26 decision text slammed as ‘love letter’ to fossil fuel industry – NationofChange

Experts Say $17.5 Billion Writedown by BP Prove Oil Giant Knows ‘Reserves of Oil and Gas Increasingly Worthless’ 

“Big Oil is finally admitting what we’ve been saying for the last ten years: their reserves of oil and gas are increasingly worthless because there’s no way to safely, or profitably, produce them.”

Source: Experts Say $17.5 Billion Writedown by BP Prove Oil Giant Knows ‘Reserves of Oil and Gas Increasingly Worthless’ | Common Dreams News