Oil and gas companies would have to weigh the benefits of committing capital ten years out that will need decades to offer a return to shareholders “in a policy environment where governments around the world are saying ‘we don’t want these products to be used in the future,’” Wirth added.
Why, this just crazy. Why would we or anyone consider putting money in that old world killing technology. Just take that investment money and put it in windmills. Put a windmill on every street corner. Attach an extension cord with multiple plugs. Just pull up and plug in your car. Simple. I ought to be in DC with the other mega brains.
“Oil and gas companies would have to weigh the benefits of committing capital ten years out that will need decades to offer a return to shareholders”
About a decade ago I read that a new refinery cost $10 billion to build, staff and start refining. It would also take that refinery 30 years to pay for itself and start turning consistent profits.
Talk about a long term investment!
“in a policy environment where governments around the world are saying ‘we don’t want these products to be used in the future,’”
The final nail in the coffin.
It doesn’t matter that there is no replacement for petroleum fuels, the government is going to make it impossible for investors in petroleum to realize a return on investment.
Throw in talk about nationalising the oil industry and We the People are properly forked.