petro-oligarchy

San Francisco sues fossil fuel companies

San Francisco on Sept. 20 filed a lawsuit against five fossil fuel companies due to expected expenses the city will incur from global warming. The companies named in the suit are BP, Chevron, ConocoPhillips, ExxonMobil and Royal Dutch Shell—chosen because they are "the largest investor-owned fossil fuel corporations in the world as measured by their historic production of fossil fuels." The suit claims the companies knew of the effects of fossil fuels on global warming since the late 1970s or early '80s, but nonetheless "engaged in large-scale, sophisticated advertising and public relations campaigns to promote pervasive fossil fuel usage." The suit seeks an order that the defendants fund an abatement program for the building of seawalls to protect San Francisco from rising sea levels.

Venezuela drops petro-dollar: how meaningful?

The government of Venezuela, under growing pressure from US sanctions, is telling oil traders that it will no longer receive or send payments in dollars, Dow Jones reported Sept. 13. Oil traders who export Venezuelan crude or import oil products into the country have begun converting their invoices to euros. The state oil company Petróleos de Venezuela SA (PdVSA), has instructed its private joint venture partners to convert existing cash holdings into euros. Plugging the switch, Venezuela-based state media outlet TeleSur writes: "The petrodollar is more important for US global domination than either arms exports or Hollywood culture, because it allows the US to be the biggest exporter of the dollar bills the rest of the world needs to be able to buy oil. Venezuela has decided to start de-dollarizing its economy."

Control of oil at issue in NAFTA re-negotiation

As "NAFTA 2.0" negotiations open, a provision that essentially locks in Canada's current levels of oil exports to the US is drawing opposition from unlikely allies across the Canadian political spectrum but winning staunch support in the "Oil Patch," as the country's petroleum industry is colloquially called.  The "proportionality clause" originally appeared in the US-Canada Free Trade Agreement of 1988 and became a major issue in that year's national election that returned Prime Minister Brian Mulroney to office. It was replicated six years later in the North American Free Trade Agreement—although Mexico won an exemption. The clause can be invoked if a government in Canada reduces US access to Canadian oil, natural gas, coal, electricity or refined petroleum products without a corresponding reduction in domestic access to those resources.

Trump finally meets a 'dictator' he doesn't like

Well, this is cute. The Trump White House condemned Venezuela as a "dictatorship" in the wake of the contested Constituent Assembly vote, and imposed sanctions on President Nicolás Maduro. The immediate pretext is the detention of opposition figures Leopoldo López and Antonio Ledezma, who were transferred from house arrest to military prison, accused of leading protests in defiance of a nationwide ban. Trump said in a statement that the United States "condemns the actions of the Maduro dictatorship," and holds Maduro "personally responsible for the health and safety of Mr. López, Mr. Ledezma, and any others seized."

Venezuela: is the problem really 'socialism'?

There is an unseemly tone of gloating to conservative commentary on the crisis in Venezuela, with pundits calling out their opposite numbers on the left for their cheerleading for the regime and pointing to the current chaos as evidence that "socialism" doesn't work. Indeed, many left-wing commentators deserve to be called out for their uncritical attitude toward the late Hugo Chávez and his mediocre successor Nicolás Maduro. But a case can be made that, contrary to conservative and mainstream assumptions, the problem is precisely that the Bolivarian Revolution has been insufficiently revolutionary and socialist.

Venezuela: independent left rejects both sides

The vote for Venezuela's Constituent Assembly opened July 30 amid ongoing and widespread angry street protests, in defiance of a nationwide ban on demonstrations. Violence broke out as protesters attempted to block access to polling stations, resulting in at least 14 deaths. Those killed include two prominent leaders—one from each side. Ricardo Campos, a youth secretary with the opposition Acción Democrática party, was shot dead during a protest in the northeastern town of Cumana. José Félix Pineda Marcano, a chavista leader and Constituent Assembly candidate, was killed in an invasion of his home in Ciudad Bolívar. Two youths, aged 17 and 13, and a solider were killed in street-fighting in Táchira. Violence in the days leading up to the vote drove the death toll over four months of unrest above 100. (BBC News, RCN Radio, KaosEnLaRed, Clarín, July 30; AP, NPR, July 27)

US signs Arctic climate declaration —with caveats

US Secretary of State Rex Tillerson on May 11 signed the Fairbanks Declaration, affirming the neeed for protection of the Arctic's climate. The move, at the 10th Arctic Council Ministerial Meeting held in the Alaska city, came after much speculation that the US would decline to sign, or even use the occasion to announce its withdrawal from the Paris Agreement. The Fairbanks Declaration notes the importance of the Paris Agreement, while stating that "the Arctic is warming at more than twice the rate of the global average." The US getting on board was apparently the fruit of behind-the-scenes diplomatic pressure. "I think we were able to push the US back as much as possible," Rene Solderman, Finland's senior adviser on Arctic affairs, told reporters after the ministerial session.

Trump lifts restrictions on offshore drilling

President Donald Trump signed an executive order on April 28 to lift restrictions placed on offshore oil drilling by the previous administration. According to a statement, about 94% of the US Outer Continental Shelf (OCS) was either off-limits to or not considered for oil and gas exploration and development under previous rules. Trump blamed federal regulations for high unemployment in the state of Alaska, where oil and gas are a significant part of the economy, and said lifting restrictions would create thousands of jobs. Opponents, including US Congressman Charlie Christ (D-FL), criticized the move, citing environmental risks posed by drilling, especially naming the 2010 Deep Water Horizon oil spill.

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