Experts Say $17.5 Billion Writedown by BP Prove Oil Giant Knows ‘Reserves of Oil and Gas Increasingly Worthless’

Ecumenics without churchs by www.quaccheri.it

15.06.2020 – US, United States-Common Dreams

Experts Say $17.5 Billion Writedown by BP Prove Oil Giant Knows ‘Reserves of Oil and Gas Increasingly Worthless’
The writedown is the company’s largest since the Deepwater Horizon disaster in 2010. (Image by Mike Mozart/Flickr/cc)

Experts Say $17.5 Billion Writedown by BP Prove Oil Giant Knows ‘Reserves of Oil and Gas Increasingly Worthless’

By Eoin Higgins, staff writer – Common Dreams

Fossil fuel giant BP announced Monday it will write down nearly $18 billion in existing assets, a move that climate advocates say is more evidence that the industry is undergoing a massive shift that will leave oil and gas reserves less and less valuable as the world pivots to more planet-friendly and financially-viable sources of energy.

“This huge dent in BP’s balance sheet suggests it has finally dawned on BP that the climate emergency is going to make oil worth less.”
—Charlie Kronick, Greenpeace

“Big Oil is finally admitting what we’ve been saying for the last ten years,”Fossil Free…

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