Tag: BP

Planet Watch
san francisco

San Francisco suit against oil companies remanded

The US Court of Appeals for the Ninth Circuit reversed a federal judge’s dismissal of a climate change lawsuit against oil companies including ExxonMobil, BP and Chevron by the cities of San Francisco and Oakland, setting the stage for the case to be heard in a more favorable California state court. The two cities are seeking billions of dollars from the companies in a special “abatement fund,” alleging their practices knowingly led to problems the cities must now contend with, including rising seas and extreme weather. The case was dismissed by a district judge, who held that the courts lacked jurisdiction in the matter. The Ninth Circuit remanded the case back to the district judge, ordering him to give further consideration to whether his court has jurisdiction. If he again finds his court lacks jurisdiction, the case must go before state court. (Photo: World Population Review)

Planet Watch
iraq.pipeline

Yes, ‘peak oil’—but demand, not supply

After oil prices went negative for the first time ever last month, they are now starting to rise again as lockdowns imposed by the COVID-19 pandemic are gradually lifted. US crude is now back to nearly $30 a barrel. But this is less than half what the price was a year ago, and a third what it was a dozen years ago. Iraq, OPEC’s second-largest producer, is at the forefront of the cartel’s effort to squeeze supply to consumer nations, as part of its recent deal to curb output. Baghdad just announced a 30% cut of exports to Asia. But it remains to be seen if such measures will jack up prices and ease the economic pain that has led to a remobilization of anti-regime protests, despite pandemic fears. (Photo via Iraqi News Agency)

Planet Watch

Arctic oil scramble in offing after GOP tax bill

As a part of the Republican tax overhaul bill, Congress voted  to open Alaska's Arctic National Wildlife Refuge (ANWR) to oil and natural gas drilling, after more than four decades of contestation on the matter. Drilling is still years away at best, due to depressed oil prices, a lengthy review process, and likely legal challenges. But oil companies are already arguing over who will have rights to the reserve—while Native Alaskan communities that depend on its critical caribou habitat see impending cultural extermination. (Photo: FWS)

Planet Watch

San Francisco sues fossil fuel companies

San Francisco 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."

North America

Trump lifts restrictions on offshore drilling

President Donald Trump signed an executive order to lift restrictions placed on offshore oil drilling by the previous administration, opening vast areas to exploitation.

Planet Watch

Behind oil slump: shale boom or geopolitics?

Experts tell us the North American shale oil boom is responsible for low prices despite Middle East unrest. But the price slump serves Western aims of weakening Russia and Iran.