A few weeks ago The Economist ran this cover and two stories on Saudi Aramco, climate change, and the future of the global oil industry:
They claim: “Aramco’s underlying strategy is to be the last oilman standing if the industry shrinks, pointing to the upheavals to come”.
I wrote recently about the non sequiturs often used the defend the Canadian oil industry, notably the claim that Saudi Arabia’s awful human rights record makes it better to extract oil here than there. A chart from The Economist’s longer article further challenges that view:
If we can only use a fraction of the world’s remaining oil without causing catastrophic climate change, it makes sense that we should use the cheapest and cleanest oil. It makes no sense whatsoever to keep investing in the Canadian industry when the capacity already exists globally to extract all the oil the carbon budget will allow.