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Big Oil’s Big Lies About Alternative Energy
Big Oil’s Big Lies About Alternative Energy
As President Obama calls for greater investments in alternatives, the biggest energy companies are doubling down on riskier, more destructive oil sources
By Antonia Juhasz
June 25, 2013
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Since the Gulf oil disaster in 2010, BP has spent hundreds of millions of ad dollars to cleanse its image as a dirty-energy giant. In the company’s latest TV ad, wind turbines whirl in the sun as a voiceover touts the number of American jobs created by BP and promises, “We’re working to fuel America for generations to come.” There’s just one problem: BP’s commitment to wind energy is virtually nonexistent.
In April, BP announced that it is selling off its entire $3.1 billion U.S. wind energy business including 16 farms spread across nine states as “part of a continuing effort to become a more focused oil and gas company,” according to a company spokesperson. Indeed, though it famously rebranded itself “Beyond Petroleum” in 2000, BP also exited the solar energy business back in 2011. Today, its alternative energy investments are limited to biofuels and a lone wind farm in the Netherlands.
And BP is far from alone. You wouldn’t know it from their advertising, but the world’s major oil companies have either entirely divested from alternative energy or significantly reduced their investments in favor of doubling down on ever-more risky and destructive sources of oil and natural gas.
Not that those commitments to alternatives were ever particularly grand. Using very generous estimates, BP holds the oil industry record for the highest percentage of expenditures committed to alternatives, with just 6 percent of its overall expenditures in 2011, right before it started selling off its solar operations. Chevron and Shell run a distant second with highs of 2.5 percent; none of the others have ever even cracked 1 percent.
“The bottom line is that oil companies only invested a drop in the bucket [in alternatives] even in the ‘heyday’ of the early 1980s,” says Douglas Cogan, vice president of investment firm MSCI ESG Research. “Most of the largest [oil company] investors have dropped out in recent years, following the precedent that Exxon set 30 years ago.”
Take ConocoPhillips, which highlights its “emerging technologies and alternative energy sources” activities on its website but fails to mention that in April 2012 it divested all of these activities to focus exclusively on its “core business” of exploring for and producing oil and natural gas, and specifically to take advantage of the North American “shale revolution” and tar sands production in Canada. “ConocoPhillips is an independent oil and gas company,” says a spokesperson. “We do not have an active renewable energy segment within our portfolio.”
The newly created Phillips 66 (already the third-largest U.S. oil company) took over ConocoPhillips’ “downstream” activities meaning everything after exploration and production. Other than limited investment in second-generation biofuel research, Phillips 66, too, has abandoned alternatives.
The complete article may be read at the URL above.
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