Exxon Mobil and Chevron are spending tens of billions of dollars buying oil and gas assets, betting that the International Energy Agency’s predictions of declining oil demand are wrong.
Lol no. They’re betting on an expansion of fossil fuel use. That’s not going to happen in a scenario where there’s a limited residual use of fossil fuels for those uses.
To these huge companies, the longer term doesn’t matter much right now: if it pans out, they’ll celebrate; if it doesn’t, some gullible politician will bail them out and they’ll celebrate anyway. However, they’re publicly-traded and thus ruled by quarterly profits. (Apparently saying the obvious here, multiple of the top comments at NYT read similarly…)
Lol no. They’re betting on an expansion of fossil fuel use. That’s not going to happen in a scenario where there’s a limited residual use of fossil fuels for those uses.
To these huge companies, the longer term doesn’t matter much right now: if it pans out, they’ll celebrate; if it doesn’t, some gullible politician will bail them out and they’ll celebrate anyway. However, they’re publicly-traded and thus ruled by quarterly profits. (Apparently saying the obvious here, multiple of the top comments at NYT read similarly…)