Al Gore probably dancing in the streets
http://gizmodo.com/exxon-scientists-knew-fossil-fuels-caused-climate-chang-1731707762
“It’s a story reminiscent of the way Big Tobacco covered up the deadly effects of smoking. In the 1980s, Exxon spent millions of dollars on groundbreaking research which irrefutably showed how their products would change the climate. And then they buried it all.”
Not shocking. Same as the food industry, “health care” industry, tobacco, etc. The game is always hide/deny the externalities. Because if you back out the cost to society, profits are negative.
This is true. A lot of big businesses are like that. MCD has negative value add to society while insiders and shareholders get rich. Obamacare is a subsidy for MCD and other lousy society value destroying businesses.
Anyway I was just reading about a potential tobacco investment. Apparently 12,000,000 cigarettes are smoked per minute globally. That’s impressive. Not a typo. Despite common (US) perception that smoking is declining, because of global population growth, it is actually increasing. I didn’t know this but about 45-50% of Chinese males smoke despite smoking bans since 2009. There are more smokers in China than the entire US population including smokers and non-smokers. It ain’t goin’ anywhere. Neither is oil.
I guess Republicans won’t experience global warming when the oceans come for them.
Right. Though I don’t follow the tobacco industry…I assume when their product went into decline in the states, they just found new customers abroad. Yeah, Chinese love to smoke. It was raging popular here in Seoul until last year when they did the smoking ban. Eventually the whole world will catch on, but they will have decades of profits until then.
It’s a fineable offense in China since 2009. But, like all things China, there is one company that makes cigs and it is a state monopoly with $100 billion USD of revenue, so no one bothers to enforce the law and smoking is on the rise.
Oil will be okay, but it’s role is going to shrink. Not now, but eventually. Coal is fkked though.