Fly Over Shows May 12 Gulf Oil Spill Far Worse Than Reported (VIDEO)

by Randa Morris – Shell admits to spilling 90,000 gallons of oil into the Gulf of Mexico on May 12, 2016. Footage of the spill, captured by Ecogig Scientist Dr. Ian MacDonald during a fly over of the site, shows that the company has vastly misrepresented the size and magnitude of the spill. According to MacDonald, the spill covers more than five square nautical miles, the equivalent of 20 square kilometers, or about 5,000 acres. Maps, flight logs and other documentation regarding the aerial survey of the May 12 Gulf oil spill can be found here. MacDonald’s survey of the deepwater spill found that the extent of the damage is not consistent with the company’s stated figures. As MacDonald reports here: Even if the average thickness of the visible oil were a mere 100 micron (0.1 millimeter, vastly smaller than the areas of emulsified oil that stretch across the area), the visible surface...

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Big Oil Ex-Chair Declares That Investors Should Divest From Fossil Fuel

by NATHANIEL DOWNES – Sir Mark Moody-Stuart is a Shell man. He rose through the ranks over almost four decades to become its chairman. If you cut him and 10W-30 poured out, few people would be surprised. His rank and position is tied entirely to fossil fuels. So when Sir Moody-Stuart says that investors need to divest, that is sell of their ownership, of fossil fuel companies in order to save the environment, people pay attention. While speaking at a dinner in London organized by Carbon Trust, an organization which advises businesses on how they can reduce emissions, Sir Moody-Stuart was very candid about what his former industry is doing, and what investors need to do. Divestment is a rational approach. If you think your money can be used somewhere else, you should switch it. Selective divestment or portfolio-switching is actually what investors should be doing. On the lack of progress...

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Amid Climate Crisis, Big Oil CEOs Rewarded for Massive Extraction Projects with Big Bonuses

By Sarah Lazare, Common Dreams – Drilling the Russian Arctic. Expanding tar sands exploitation in Alberta. Exploring for oil in the South China Sea. These are just a few of the capital-intensive fossil fuel extraction projects that are translating into direct bonus payouts to the CEO’s at the helm of the largest oil corporations in the world, The Guardian revealed in a report released Monday. Exxon Mobil, Shell, Chevron, Total, and BP are rewarding CEOs for tapping new markets, despite warnings from scientists that the vast majority of fossil fuels must remain in the ground in order to stave off the worst of the climate crisis. These payouts are being made amid the dramatic rise in “upstream activities,” defined in the report as investment “focused on colossal engineering projects to bring reserves on tap and, to a lesser extent, on exploration.” “Multi-billion-dollar capital projects amount to huge, long-term bets by the...

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Governments Giving Fossil Fuel Companies $10 Million a Minute: IMF

By Nadia Prupis, Common Dreams – The fossil fuel industry receives $5.3 trillion a year in government subsidies, despite its disastrous toll on the environment, human health, and other global inequality issues, a new report by the International Monetary Fund (IMF) has found. That means that governments worldwide are spending $10 million every minute to fund energy companies — more than the estimated public health spending for the entire globe, IMF economists Benedict Clements and Vitor Gaspar wrote in a blog post accompanying the report (pdf). “These estimates are shocking,” Clements and Gaspar wrote. “The number for 2015 is more than double the US$2 trillion we had previously estimated for 2011.” Subsidies occur in two ways, IMF Fiscal Affairs Department directors Sanjeev Gupta and Michael Keen explained in a separate blog post published Monday: “re-tax” subsidies — which occur when people and businesses pay less than it costs to supply the...

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BP Shareholders Urge Oil Giant to Face Up to Climate Risks

By Stefanie Spear, EcoWatch – A coalition of more than 150 BP shareholders, including Church of England and the UK’s Environment Agency, filed a resolution today requiring the company to assess and manage its climate risk. In the resolution, shareholders are asking the oil giant to no longer reward climate-harming activities, stress-test its business model against the requirement to limit greenhouse gas emissions in accordance to the UN Climate Change Conference in 2010, and commit to reducing its carbon emissions and investing in renewable energy. The resolution will be voted on at BP’s 2015 annual general meeting in April. The same group filed an identical resolution with Shell last month putting increased pressure on Big Oil to act now to mitigate climate risks. The BP resolution was orchestrated by co-filers ClientEarth and ShareAction. “Climate change is a major business risk,” said ClientEarth CEO James Thornton who helped to orchestrate the resolution. “BP and Shell hold our financial and environmental future in their hands....

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Shell’s Renews Quest to Plunder Arctic in Search of Oil

Greenpeace responds with promise to escalate its campaign to ‘Save the Arctic’ from the dangers of oil and gas exploration in fragile region by Jon Queally – Oil giant Royal Dutch Shell on Thursday indicated its continued desire to drill in the Arctic waters off the coast of Alaska by submitting new plans for exploratory operations to federal agencies. Despite previously failed attempts to perform such drilling and a global campaign—spearheaded by environmental campaigners at Greenpeace—that has vowed to stop Shell at all costs, the company appears committed to pushing forward. “Shell’s preparations are a red flag for the millions of people around the world who want to save the Arctic from catastrophe.” —John Deans, Greenpeace As the Seattle Post-Intelligencer reports: The oil giant says it is keeping its options open and has proposed putting two drilling rigs to work in the Chukchi Sea. The proposal...

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