Oil industry continues to rely on black gold despite climate crisis
"Handelsblatt" writes: The big oil companies are once again investing more in fossil projects.
Despite declining profits, the leading Western oil and gas companies are investing billions in takeovers of other fossil fuel companies. In the USA in particular, the "big oil" multinationals are on a veritable shopping spree.
The strategies of Shell, BP and Total are also changing and planned reductions in oil production are being scaled back. Even Total, a company considered to be green, increases its oil production.
As a result, oil production in the USA is reaching new record highs. The companies want to expand their reserves even further through acquisitions in order to be able to increase production by 2030.
The high oil prices appear to have halted the trend reversal towards greater sustainability for the time being. Instead, the oil giants are once again focusing on their traditional business with fossil fuels.
Conclusion: Despite the climate crisis, the major players in the oil industry are continuing to rely on black gold for the time being. How they can still be actively driving the world into the abyss with impunity is a mystery to me.
