The Wall Street Journal this weekend interviewed John Watson, Chevron's new CEO, who it described as a "rare breed these days: an unapologetic oil man." Watson predictably dismisses peak oil as irrelevant and hints that drilling restrictions will cause energy prices to go up. But the money quote, from the clearly unbiased interviewer was this:
"That pretty much sums up the broader choice America faces on energy policy. It can listen to the Washington siren song on alternative energy, pouring scarce dollars into green subsidies, driving up the cost of energy, and driving out U.S. manufacturing and jobs. Or it can embrace our own fossil fuel resources, which are cheap and plentiful. "'What I see are people who want affordable energy," says Mr. Watson. "They want strong environmental standards—they want a lot of things—but first and foremost they want affordable energy. And if you want affordable energy, you want oil, gas and coal.'"
Really? Maybe Watson and is interviewer missed this Bloomberg New Energy Finance study which reported that globally fossil fuel subsidies are twelve times those of renewable energy sources.
Congress should subpoena all of the oil and gas CEOs and ask them point blank, under threat of perjury just how much oil they think they could produce domestically per day (not "estimated reserves") if they had unfettered access to public lands and offshore sites, how that compares to current domestic and global production, what their timeframe is for bringing this oil on-line, and what is their evidence to this effect. In the meantime, we need a new political movement with one goal only: eliminate fossil-fuel subsidies. Maybe someone out there can think of a new catchphrase to this effect?
He has to say that or otherwise he gets fired by the Board. The Free Money Subsidies Chevron has enjoyed since they were Standard Oil of California is the ONLY source of profits for those shareholders for more than 100 years! They would have been way under water long ago if they'd had to pay for all those Marines to keep their Super Tankers out of Pirates hands!
Oh, and let's start charging those Shareholders' Retained Earnings accounts for all the cancers Medicare paid for caused by Petrocarbons and Fluorocarbons embedded in our soil and cell tissue! Yeah, right Fossil fuels are cheap! They can dream. And just who is going to hold all these CEOs and their bought Reporters accountable? Congress? District Attorneys who want careers as corporate litigators? Justice? SCOTUS?
Congress also needs to ask them, how much will it cost per day? And how are they going to pay for it since we're wiping out their subsidies? Since we're wiping out their campaign finance system that guarantees their subsidies? Since we're wiping out their "money as speech" precedence that guarantees they snow American citizens with lying TV ads into coughing up their hard earned dough from "earned income" in the biggest upward redistribution entitlement the world has ever known?
We'll have to check the stock holdings of Rockefeller Foundations to find out just how dependent on these subsidies still is US philanthropy. A lot goes down when Chevron goes down, and cheap, easy, distributed energy sources start putting paycheques directly into small property owners' hands for solar arrays and wind turbines on their own little properties!
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