A president trying to take action to lower gas prices for the American people and calling out the oil companies on their BS is not trying to destroy the oil companies. again that’s a lie
Glad trump gave them that tax break and lease pauses, they sure did need it. but did America see any relief at the gas pumps at that time?
White House blasts Big Oil stock buybacks again as Chevron profits double
Under former President Donald Trump, Congress passed big, retroactive tax breaks for Big Oil, as fuel demand dropped during COVID lockdowns. After oil prices soared following Russia’s invasion of Ukraine, European governments imposed windfall taxes on their oil industries, but U.S. lawmakers are unlikely to do the same.
Chevron and Exxon Mobil – the nation’s two largest oil producers – are poised to post record annual profits for 2022 of nearly $100 billion combined, analysts forecast.
Earlier this week, Chevron said it would triple its spending on share repurchases to $75 billion over five years at current guidance. Other oil companies are expected to follow suit.
“Companies clearly have everything they need – record profits and thousands of approved permits – to increase production,” White House spokesperson Abdullah Hasan said in a statement.
“The only thing getting in the way is their own decision to keep plowing windfall profits into the pockets of executives and shareholders instead of using them to boost supply.”
New innovation and technology will do away with fossil fuel, the world is moving on, other countries already was moving on, now the u.s. is on board, how will oil companies survive
The end of fossil fuels: Which countries have banned exploration and extraction?
6. France
In 2017, France’s parliament passed a law to ban the production of oil and gas in all of its territories by 2040. No new permits for extracting fossil fuels can be issued and no existing licenses are able to be extended past the deadline.
The ban is largely symbolic as the country only extracts the equivalent of 815,000 tonnes of oil every year - the same amount produced in Saudi Arabia in a matter of hours. But lawmakers hoped it would be a catalyst for other, bigger fossil fuel producers to follow suit.
The controversial practice of fracking was already prohibited in the country in 2011 and this ban extended that to cover the extraction of shale gas by any means.
5. Greenland
Ten years ago, Greenland became a hotspot for drilling exploration after a boom in commodity prices. A 2007 report from the US Geological Survey estimated that there could be the equivalent of more than 31 billion barrels of oil sitting under the northeast of the nation.
Earlier this year, the newly elected socialist-led government put climate issues at the centre of its policies. As one of its first moves, it banned all new oil exploration in July, ending a 50 year ambition to become an oil-producing nation.
“The Greenlandic underground is rich in both oil resources and minerals, and the history of exploration and exploitation activities goes back many years and has a global reach,” it said in a statement. But the government adds, “the price of extraction is too high”, both economically and for the environment.
“This step has been taken for the sake of our nature, for the sake of our fisheries, for the sake of our tourism industry, and to focus our business on sustainable potentials.”
In 2020, Denmark agreed to ban new exploration and end oil and gas production in the North Sea by 2050. It was part of the country’s efforts to become “climate neutral” over the coming decades, which include a law committing to reach 70 per cent below its 1990 emissions by 2030.
“We are now putting an end to the fossil era”
It was also the second country in Europe to set a date for the complete phase-out of oil and gas production after France. Denmark is one of the largest producers in the continent, extracting more than 7,000 tonnes of oil every year.
“We are now putting an end to the fossil era, and drawing a straight line between our activities in the North Sea and the Climate Act’s goal of climate neutrality in 2050,” climate minister, Dan Joergensen, said in a statement.
3. Belize
To protect its fragile coral reefs, in 2018 Belize passed legislation to end oil exploration and extraction in all of its water.
The Belize Barrier Reef is the second largest in the world after Australia’s and is home to around 1,400 different species of marine life. This threatened ecosystem is home to endangered hawksbill turtles, dolphins, spotted eagle rays and six threatened species of shark.
An oil spill here or in the surrounding waters would have catastrophic consequences for this vital habitat - and the tourism industry that supports half of the country’s population.
Though the country was only producing around 3,000 barrels of oil a day, this was a win both for the diverse sea life the reef supports and environmental groups who had been lobbying the government for a ban since 2006.
A decade after environmentalists first called for it, Spain approved a climate law in May 2021 that will put an end to the production of fossil fuels across all of its territories by 2042. The country lags behind other European nations when it comes to emissions reduction targets and campaigners hope the new law is a step in the right direction.
The ruling bans all new coal, gas and oil exploration with immediate effect as well as enshrining in law the prohibition of fossil fuel vehicles by 2040 and a goal to generate 74 per cent of the country’s electricity from renewable energy by 2030.
Spain has a climate law on which to build a green, sustainable, fair and prosperous future for all.
“For the planet, for our future and for the next generations. From today, Spain has a climate law on which to build a green, sustainable, fair and prosperous future for all,” Prime Minister Pedro Sanchez tweeted after the vote was passed in May.
1. Ireland
Earlier this year, Ireland introduced legislation to ban licenses for new oil and gas exploration.
“The decision we have made today to legislate for a ban on new oil exploration and extraction will send a powerful message, within Ireland and internationally, that Ireland is moving away from fossil fuels towards a renewable future,” minister for environment, climate and communications, Eamon Ryan said in a statement.
“By keeping fossil fuels in the ground, we will incentivise the transition to renewable energy and put ourselves on a pathway to net zero by 2050.”
Europe Unveils Plan to Shift From Fossil Fuels, Setting Up Potential Trade Spats
The proposal would impose tariffs on some imports from countries with looser environmental rules. It would also mean the end of sales in the European Union of new gas- and diesel-powered cars in just 14 years.
A year after President Xi Jinping promised China would stop building coal power plants overseas, the country has completed 14 such facilities beyond its borders and will finish another 27 soon, according to a new report.
Most of the projects that were in progress when Xi made the announcement are in limbo, but the recently or soon-to-be completed plants will emit about 140 million tons of CO2 a year in total, the Centre for Research on Energy and Clean Air and People of Asia for Climate Solutions said in the report. That’s more than the national emissions of the Philippines.
So the Biden Administration is at WAR with the Oil Industry…
Here is how I live my life, for the whole thread to see. I concede the argument and admit I was wrong, but I am in favor of moving on from fossil fuels as soon as possible.
Perhaps one day you will be able to do the same for the posts I point out, pointing out your mistakes or lies.
dude did you read your link, they back out of the deal.
yup and i agree with him, it’s not only America, bucko, Europe and other nations are trying to move on from big oil companies. competition is good. you seem to have a problem with that.
What is wrong with you?? Your comprehension skills are dreadful… Read it again!!
Since then, China has pushed to boost COAL production and sped up the permitting process for domestic power plants, part of a campaign to end a series of economy-crippling power crunches…
COMPLETED 14 Coal Fired Power Stations beyond its borders and will FINISH another 27 soon…
That’s over 40 Coal Fired Power Stations from a Country that pretends it’s going green…
If you are incapable of doing real research on the Crap you post… And since you are to ignorant to read from both sides of the debate… See the CNN article below…
As I point out to a few in this thread over and over again…
And here is what your link say. If you don’t get it, that’s ok
China Has Built 14 Overseas Coal Plants Since Vowing No New Ones
A year after President Xi Jinping promised China would stop building coal power plants overseas, the country has completed 14 such facilities beyond its borders and will finish another 27 soon, according to a new report.
After trendwithbenefits held me accountable for my post, here’s one final look of me admitting I was wrong
It’s a good thing to hold people accountable for what they post, whether it’s misinformation, disinformation, right-wing conspiracy theories and their lies, or lies in general.