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In one of the last places one would expect to hear about climate change and about large oil companies’ denial that is it caused by their carbon extraction, at the stockholders’ meeting for Exxon-Mobile and for Chevron, repeated attempts were made to have their own companies face up to the problem they created, denied, and lobbied to have swept under the carpet….
More than 38% of Exxon’s investors rebelled against the company by voting for a proposal that would have required the company to publish an annual study of how its profits may be affected by public climate change policies, following the Paris climate agreement, to limit the global temperature rise to less than 2C (3.6F)….
(A similar vote at Chevron’s annual shareholder meeting, also held on Wednesday, showed 41% support from Chevron investors that cast ballots.)
This opens the door to a new avenue to attack “denial of global warming”, by buying stock in Exxon Mobile and Chevron, then attending the stockholder’s meetings… (Only 13% of additional stock is now required to change Exxon, and only 10% required to flip Chevron)… A far tinier margin than anyone had previously imagined…
Exxo tried to block the resolution from being heard at its meeting, but the US Securities and Exchange Commission regulator ruled that it must include the resolution among Wednesday’s votes. Obviously this revolt could not have happened during a Republican’s executive administration.
Rex Tillerson, the boss of oil giant ExxonMobil, said cutting oil production was “not acceptable for humanity”…Tillerson said Exxon had invested $7bn in green technology, but the science and technology had not yet achieved the breakthroughs needed to compete with fossil fuels.
The resolution discussed at Exxon’s annual meeting in Dallas was proposed by the New York state comptroller, a trustee of the New York State Common Retirement Fund, the third largest US pension fund, and the Church of England.
More than 30 of Exxon’s largest shareholders, including the pension funds of the governments of Norway, Canada and California, Legal & General Investment Management and Schroder’s, previously publicly stated they would vote in favor of the motion. Other supporters of the motion include the pension funds of local authority workers in Greater Manchester and Tyne & Wear.
Exxon is currently under investigation by New York’s attorney general over claims that it lied to the public and shareholders about the risks of climate change….
Exxon believes oil and gas will still provide about 60% of the world’s energy demands by 2040. In fighting off the proposals, Rex Tillerson, the boss of oil giant ExxonMobil, played his hand as to the real reason Exxon-Mobile and other oil producers are “pretending” Global warming is still a hoax. He stated their tapped and untapped underground oil reserves already firmly in their possession would be worthless, if the world shifts over to renewable energy.
They miscalculated the future; those investments are nothing but a bad business decision.
Seeing these things pop up month after month, the total effect gets ignored because of a stupid comment Donald Trump tweets that day….
- So, did you know… That one year ago, April 2015 was also the hottest April EVER recorded….
- And that May 2015…. was the totally hottest month of May, ever recorded?
- And that June 2015…. was also the hottest month of June, ever recorded?
- And that July 2015…. was also the hottest month of July, ever recorded?
- And that August 2015…. was also the hottest month of August, ever recorded?
- And that September 2015, was also the hottest month of September, ever recorded?
- And that October 2015, was also the hottest month of October, ever recorded?
- And that November 2015, was also the hottest month of November, ever recorded?
- And that December 2015, was also the hottest month of December, ever recorded?
- And that January 2016, was also the hottest month of January, ever recorded?
- And that February 2016, was also the hottest month of February, ever recorded?
- And that March 2016, was also the hottest month of March, ever recorded?
- Which brings us around to April 2016… Which was hotter than last April which at that time was the hottest April ever recorded….
April 2016 also continues a string of 369 consecutive months at or warmer than average. The last colder-than-average month in NASA’s database was July 1985
But, over the last seven months, even the level of the amount of increase over the previous year, has climbed month from month…. April’s increase over the previous April’s was higher than March’s increase over last March, which was higher than February’s and so on back to November…
Did you know this? I didn’t. I had no idea it was this bad, so I thought I’d share….
I guess I could preach a little about how we should have to do something. But, what’s the point. If you read this and don’t come up to that conclusion yourself, then you certainly won’t listen to my little spin at the end….
The bridge closing may be a blessing in disguise… It shows the benefit if raising the gas tax 10 cents to pay for our projects….
This gas tax is nothing… We’ve been paying more for a gallon ever since the crash of 2009… We as customers will continue paying the same, and the oil companies and hedge funds will be the ones who can no longer get what they used to get out of a gallon…
In a study earlier this year, we showed all that the price of gas is not based upon supply, but on demand… States with higher taxes, get their pre-tax gas cheaper than states with little or no tax… yet they all come from the exact same refineries….
The Republicans who pretend to be against all taxes, are saying this is not affordable…
Here is what they are hiding from you….
Let us take the $20 million needed to repair the 495 bridge…. At ten cents a gallon, that $20 million will come from 200 million gallons…. At an average of 20 gallons per fill-up, that would amount to 10 million fill-ups in this state per year…. Excluding motorcycles and buses, there are an estimated 817,000 vehicles registered in Delaware….. The ten cents tax amounts to 12 extra fill-ups per year…. Of course, that is one a month… like you took an extra trip….
When this tax came out, we were told that 60% of gas sold in Delaware is to out of state vehicles… If that figure is true, then theoretically, you and I would only be accountable for 40% of that cost, which means we’d only fill up once extra for 4 months and have the rest normal….. Is that really back breaking to us all?
Without the gas tax… it will have to come out of income tax… If allotted evenly, that 20 million spread over every citizen, amounts to $20 for every man, woman, and child in the state… (Considering the school population of the entire state k-12 is close to 130,000, then if you add the population from the years 0-4 for an additional 30,000, it would mean that the number of Delawarean paying taxes would be 870,000… ) That $20 million tax spread across all taxpayers evenly amounts to $23 per taxpayer…. per year….
So our choice is having the oil companies and hedge funds pay our tax for us, or to pay it directly out of our incomes…. You will pay the same for gas regardless. Doesn’t it make sense to be getting something out of it for a change instead of having all our money simply go straight to their profit line?
kavips 