The rest of the world has been trying to move away from fossil fuels for decades. Why these guys didn’t figure out they should diversify beyond oil I do not understand.
The house of Saud has a lot of money in renewables already for example. But they make even more money if we buy all their oil first, so that’s what they want us to do.
Large corporations are allergic to capital expenditures. That is, they don’t like investing in new things to make the business run. They want their previous investment to run as long as possible. On occasion, the workers will arrange big projects to be covered as “maintenance” rather than capital expenditures.
Oil companies have invested in oil pumps and refineries. They could invest in all sorts of other things, but that’s less money in the hands of shareholders. That’s all there is to it. Money spent on new investments isn’t making them richer right now.
The rest of the world has been trying to move away from fossil fuels for decades. Why these guys didn’t figure out they should diversify beyond oil I do not understand.
The house of Saud has a lot of money in renewables already for example. But they make even more money if we buy all their oil first, so that’s what they want us to do.
Large corporations are allergic to capital expenditures. That is, they don’t like investing in new things to make the business run. They want their previous investment to run as long as possible. On occasion, the workers will arrange big projects to be covered as “maintenance” rather than capital expenditures.
Oil companies have invested in oil pumps and refineries. They could invest in all sorts of other things, but that’s less money in the hands of shareholders. That’s all there is to it. Money spent on new investments isn’t making them richer right now.
Most of the big ones have. Oil is still where most of their money comes from, but they often have various wind and solar divisions as well.