All articles tagged with #big oil
A woman has filed the first wrongful death lawsuit against major oil companies, accusing them of climate negligence that contributed to her mother's death during the 2021 Pacific Northwest heatwave, highlighting a new legal approach to holding fossil fuel companies accountable for climate-related fatalities.
A Maryland judge dismissed Baltimore's climate lawsuit against major oil companies, ruling that state courts are not the appropriate venue for addressing global issues like climate change. The decision is a significant win for oil giants like Chevron, Exxon, and BP, who have been facing similar lawsuits across the U.S. The judge argued that the federal Clean Air Act preempts state law in such cases, a stance that Baltimore plans to challenge in higher courts.
Vermont has become the first state to pass a law requiring fossil fuel companies to pay for climate change damages through the Climate Superfund Cost Recovery Program. The law, which went into effect without Governor Phil Scott's signature, mandates that companies responsible for emitting over 1 billion metric tons of greenhouse gases from 1995 to 2024 contribute to a fund aimed at climate adaptation and resilience. The law is expected to face legal challenges from the oil and gas industry.
The article discusses how former President Donald Trump has been accused of selling out the presidency to Big Oil interests, highlighting various controversies and reactions from political figures and campaigns, including the fallout from the Access Hollywood tape, Trump's potential running mate choices, and the Biden campaign's strategy to portray Trump negatively in light of potential legal issues.
Senate Democrats have launched an investigation into an alleged quid pro quo offer from Donald Trump to oil executives, where he reportedly promised to roll back environmental regulations in exchange for $1 billion in campaign contributions. The investigation, led by Senate budget committee chairman Sheldon Whitehouse and Senate finance committee chair Ron Wyden, seeks details from eight oil companies and the American Petroleum Institute. The API dismissed the probe as a distraction, while Trump continues to seek campaign funding from the fossil fuel industry.
Top Democrats in Congress, including Rep. Jamie Raskin, are urging the Department of Justice to investigate major oil companies for allegedly deceiving the public about their role in climate change, similar to past actions taken against the tobacco industry. They claim that oil companies have known for decades about the harmful effects of fossil fuels but chose to suppress this information. The oil industry has dismissed these allegations as a political distraction.
U.S. lawmakers, led by Senator Sheldon Whitehouse and Representative Jamie Raskin, have called on the Justice Department to investigate major oil companies like Exxon Mobil, Chevron, BP, and Shell for allegedly deceiving the public about the impact of fossil fuels on climate change. The request follows a nearly three-year congressional investigation and accuses these companies of making false promises to reduce emissions while protecting oil and gas production. The Justice Department has received the letter but has not commented, while the accused companies and trade groups have dismissed the allegations as unfounded.
Despite generating significant returns and record production, oil giants Exxon Mobil and Chevron are struggling to compete in a stock market dominated by tech companies like Meta Platforms and Amazon. The shift in investor focus towards tech reflects the industry's potential for long-term profit growth, while the transition to lower carbon energy poses an existential threat to oil majors. Despite being the world's largest oil producer, the oil industry's share in the S&P 500 Index is minimal, signaling a clear preference for tech stocks. Exxon and Chevron are investing heavily in low-cost oil production but face challenges in convincing investors of their long-term value in a market driven by tech optimism.
The US Supreme Court rejected a plea from big oil to move the venue of a 2020 climate lawsuit filed by the state of Minnesota, bringing the state closer to putting the fossil fuel industry on trial for allegedly covering up the dangers of burning coal, oil, and gas. This decision marks the third time the Supreme Court has denied petitions from the fossil fuel industry to review jurisdiction in climate deception lawsuits, signaling a significant legal setback for the defendants.
The big five oil groups - BP, Chevron, ExxonMobil, Royal Dutch Shell, and Total - are facing increasing scrutiny and backlash over their environmental, social, and governance (ESG) practices. As investors and stakeholders demand greater transparency and action on climate change, these companies are under pressure to address their carbon emissions, reduce their environmental impact, and transition to cleaner energy sources. The ESG backlash against the big oil groups highlights the growing importance of sustainability and the need for companies to align with global environmental goals.
Chevron's $53 billion takeover of Hess and Exxon Mobil's $59.5 billion bid for Pioneer Natural Resources signal a new cycle of consolidation in the oil industry, as fossil-fuel producers prioritize getting bigger despite pressure to embrace greener energy. Chevron and Exxon are taking advantage of rising oil prices and their strong financial positions to make these acquisitions. The trend of consolidation is seen as overdue, as investors are becoming less willing to support unprofitable exploration projects. Meanwhile, ESG funds are experiencing outflows, with investors pulling $2.7 billion out of such funds last quarter, marking the fourth consecutive quarter of outflows. This shift away from ESG funds coincides with a regulatory crackdown on greenwashing and other misleading claims by investment funds, as well as increasing boycotts against asset managers by Republican-led states.
Despite President Biden's push for green energy, the oil and natural gas industry has been thriving under his presidency. Energy has been the best-performing sector, leading to a wave of mega-merger consolidations among major energy companies. ExxonMobil and Chevron have announced multi-billion dollar acquisitions, fueled by the soaring stock prices of these companies. While Biden favors renewables, he recognizes the need for ample fossil fuel stocks to keep energy costs down and prevent public backlash. The energy sector's recent success is a rebound from lean times, and Biden's policies have had minimal impact on real-time operations, which are more influenced by investor demand and global market dynamics. Biden is now realizing the importance of affordable carbon energy for his reelection, and the US is expected to reach record oil production levels in the coming months.
Shell, a major oil company, has partnered with Fortnite to create a virtual world called "Shell Ultimate Road Trips" to promote its fossil fuel products, specifically its V-Power NiTRO+ Premium Gasoline. The campaign includes enlisting TikTok creators and Twitch streamers to connect with younger audiences. However, the collaboration has received negative feedback, with viewers criticizing the promotion of an oil company and the environmental impact of fossil fuels. This is part of a larger effort by big oil companies to engage with younger generations through online influencers, as they face increasing resistance from young people who are concerned about climate change and its impact on their future.
CEOs of major energy companies defended themselves against criticism at the ADIPEC oil and gas conference, stating that it is not possible to please everyone during the planned energy transition. They emphasized the need to prepare for decarbonized systems and make tough decisions based on facts and practical steps. The CEOs acknowledged the challenge of regaining trust from society and highlighted the industry's role in energy security. Despite polarizing debates, they expressed optimism about the progress made in both low-carbon and conventional energy, while acknowledging that more needs to be done to address the climate crisis.
Two top Republican lawmakers, Senator Ted Cruz and Representative James Comer, are launching a probe into Sher Edling, a California-based law firm, over its climate litigation against oil companies. The lawmakers expressed concern about the firm's activities and its relationship with a top Biden administration official. Sher Edling has pursued aggressive climate-related lawsuits on behalf of several states and local governments, alleging that major oil companies have deceived the public about climate change. The firm has received millions of dollars in funding from left-wing dark money sources, including the Leonardo DiCaprio Foundation. The Republicans are demanding more information about the firm's funding and its connection to the Biden administration official.