Opinion » Letters

Investing in oil doesn't make sense

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We must not allow the expansion of the refinery in Nipomo. Photovoltaic markets are expanding 50 percent per year world wide. Many nations get substantial electricity from wind, Denmark averaging 34 percent. This, while oil industries have higher costs of exploration and extraction, and lower demand and product price. Shell Oil just abandoned an $8 billion exploration effort in the Arctic, and Exxon announced 7,000 layoffs, in an industry that has seen 300,000 lose their jobs. Trillions of dollars in investments in the carbon industries have been divested. Now many are required to reinvest in renewables, and Wall Street is watching. Paraphrasing Amory Lovins: Investing in carbon extraction or new power plants in the face of renewable mandates and expanding carbon trading is akin to buying up carriage makers as the automobile was poised to solve London’s horse manure crisis. We cannot simultaneously develop carbon extraction and jump on the expanding, bright new world of clean air, water, job creation, and great standard of living.

-- Allen Root - San Luis Obispo

-- Allen Root - San Luis Obispo

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