Facing Climate Crisis, Senators Have Millions Invested in Fossil Fuel Companies

Facing Climate Crisis, Senators Have Millions Invested in Fossil Fuel Companies

SOURCE: Sludge DATE: September 24, 2019 SNIP: As the United States Senate fails to act on catastrophic climate change, dozens of its members are profiting from investments in oil, gas, and coal companies that are fueling the crisis. Twenty-nine U.S. senators and their spouses own between $3.5 million and $13.9 million worth of stock in companies that extract, transport, or burn fossil fuels, or provide services to fossil fuel companies, according to a Sludge analysis of personal financial filings as of Aug. 16. The senators are invested in 86 fossil fuel companies, including well-known giants like ExxonMobil and Royal Dutch Shell, but also a range of lesser known companies that specialize in pipeline operations, natural gas exports, and oilfield services. Top Dems on Energy and Environment Committees Are Big Stock Owners The largest fossil fuel investment among all senators belongs to Sen. Joe Manchin (D-W.V.), the ranking member of the Senate Energy and Natural Resources Committee, who is in line to chair the committee if Democrats take control of the Senate in 2020. The committee’s legislative jurisdiction covers energy resources and development, nuclear energy, federal coal, oil, and gas, other mineral leasing, and other issues. Sen. Tom Carper (D-Del.), the top Democrat on the Environment and Public Works Committee, which handles air pollution, environmental policy, and water pollution, has up to $310,000 invested in more than a dozen oil, gas, and utility companies, as well as mutual funds with holdings in the fossil fuel industry. Oil giant ExxonMobil, the largest oil and gas company in the U.S. by revenue, exerts massive lobbying pressure in Washington D.C. to further its...
Amazon, Google, and Microsoft are quietly helping Big Oil destroy the climate

Amazon, Google, and Microsoft are quietly helping Big Oil destroy the climate

SOURCE: Think Progress DATE: Feb 28, 2019 SNIP: ExxonMobil and Microsoft announced last week that they are partnering in the “largest-ever oil and gas” deal to use cloud computing, which the corporations say will boost production up to 50,000 barrels of oil per day by 2025. Microsoft likes to tout how it’s running its operations on 100 percent renewable energy and embracing the Paris climate agreement. The company’s founder, Bill Gates, also portrays himself as a champion of climate action. But the tech giant is working overtime to close deals with the world’s biggest oil companies to help them boost fossil fuel production using the latest information technology, such as cloud computing, which enables companies to capture, store, and analyze vast amount of data in real time. Google launched a new oil, gas, and energy division in 2018 “to court the oil and gas industry,” the Wall Street Journal reported last summer. It’s headed by Darryl Willis, who worked at BP for nearly three decades, and has already made deals with oil giants like Anadarko Petroleum and France’s Total, and oilfield services companies like Schlumberger and Baker Hughes. In September, Google announced a major deal with a Houston energy investment bank. The goal of this partnership is to “cut costs in the wake of the oil bust and remain competitive as electric vehicles and renewable power sources gain market share,” according to The Houston Chronicle. Amazon Web Services, the largest provider of cloud computing in the world, has its own “Oil & Gas” division. Amazon promises it can help Big Oil “unleash innovation to optimize production and profitability.” It...