[LINK] In Retirement on this thread - Was - The meaning of

[TKoltai]

> -----Original Message-----
> From: link-bounces at mailman.anu.edu.au 
> [mailto:link-bounces at mailman.anu.edu.au] On Behalf Of Richard Chirgwin
> Sent: Friday, 29 June 2012 4:24 PM
> To: link at mailman.anu.edu.au
> Subject: Re: [LINK] In Retirement on this thread - Was - The 
> meaning of
> 
> 
> By-the-by ...
> 
> Exxon's CEO says the globe is warming, but don't worry, we can adapt 
> around it. 
>
http://thetyee.ca/Blogs/TheHook/Environment/2012/06/28/exxon-fossil-fuel
-adapt-climate/
> 
> Apparently the "there is no climate change" position is becoming 
> untenable even for the oil industry.
> 
> RC

Yes but one must analyse why...
All the shallow oil has gone. Companies like Exxon are now drilling at
depths exceeding 3000 metres. 

The price of Brent crude is now being artificially controled by the
Obama administration desperate to calm the herd.
(Two releases of reserves.)

The economics of fuel prices are that at around 4500 metres the recovery
costs exceed that which the average American consumer will be able to
bear...

Potentially, Exxon actually stand to make more money from sequestering
CO2 in abandoned oil wells then they did from extracting and selling the
oil in the first place.


TomK