News of the Day:
Exxon is making a huge bet on oil’s future.
Derek Brower, Financial Times, October 27, 2020
“Some believe the dramatic drop in demand resulting from coronavirus reflects an accelerating response to the risk of climate change, and suggest that our industry won’t recover,” Darren Woods, the company’s chief executive, told staff last week. “But as we look closely at the facts and the various expert assessments, we conclude that the needs of society will drive more energy use in the years ahead — and an ongoing need for the products we produce.”
A leading figure in the energy sector, Fred Schneiderman , speaking at the virtual conference 20 Days to Save the USA , called candidate Joe Biden’s back and forth position on fracking disconcerting, risky and irresponsible if not spelled out with clear timelines and planning. “It’s highly unlikely for us to remain energy independent if we banned fracking,” said Schneiderman. “We all want to work toward the cleanest environment possible. The issue is what’s practical, timely, economic.”
Biden has gone back and forth whether he would ban fracking and his running mate Kamala Harris has signed on to the Green New Deal, said Schneiderman. “We don’t know if this is $9 trillion obligation or a $100 trillion obligation,” he said. “We need an understanding of the true cost and a timeline that’s realistic for the American people to understand before they cast their ballot.”
To destroy the oil and gas fossil fuel industry without a clear and concise plan would be irresponsible. It would risk our national security, stop coalitions around the world from coming together and send jobs of hard-working Americans overseas, he said.
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Eye rolls and gagging in AK Senate race
Julia Manchester, The Hill, October 28, 2020
“Mostly it’s just the sheer weight of the amount of money that’s got everybody gagging up here,” Hackney said, referring to the outside money being spent on Gross’s behalf. “What a lot of people don’t understand is that there is a point of no return on money where it keeps getting spent. If you run the same ad 5,000 times rather than 500 times, its effectiveness is not only massively reduced, but it gets a lot more scrutiny from people. So, the things Gross built his campaign on have certainly come under a great deal of scrutiny.”