‘Carbon Majors’ offers insight into responsibility from the perspective of the producers of hydrocarbons; those companies that have made astonishing returns over decades through the extraction and production of greenhouse gas emitting products.Normally one's eyes pass straight over that kind of stuff as boilerplate, but just for once I read it, and thought "huh? Really?". It is fine rhetoric, but how does it compare to reality. This matters, of course, in two ways: for one, part of "the people's" anger at FF companies is them making vast unjustified profits; and the second of course is that luvverly idea that there are oceans of profits just waiting to be taxed to pay for damages.
Quora from 2017 offers me about 4.5% for Exxon. Forbes, in 2011, says on average, between 2006 and 2010, the largest oil companies averaged a profit margin of around 6.5%. This pales in comparison to profit margins in just about every other industry. The pharmaceutical industry, for example, routinely averages a profit margin of about 16%. The soft drink market is even more lucrative... And so on.
So it is hard to see their profits as "astonishing", or even much out of the ordinary. Which is what you'd expect: oil is a competitive industry, there isn't much room to make extraordinary profits.
Related to this is The big lie we’re told about climate change is that it’s our own fault over at Vox. It's the usual anguished stuff and rather carelessly written. It's also rather vapid: stripped of the emotionalism, there's almost nothing there, apart from the assertion that it isn't our fault, oh dearie me no not at all, it is all the Evil Oil Companies to blame. Weirdly, having got that bit wrong, it then gets we can’t pretend that some unnamed cavalry is coming to save us. We are the adults in this room. We have to save ourselves right, which is a nice surprise. At least, the words are fine (apart from the dubious assertion that such people are the adults). Is the hyperlinked list of "10 ways to accelerate progress against climate change" any good?
#1 is "Price carbon emissions" which is a good start. They spoil it a bit by offering DR's quibbling at the end, which is all a recipe for special interests. #2 is "Subsidize clean energy, and end subsidies for dirty energy". Meh. And, so on. I think I'll not go through them in detail here; I'd rather have a separate post on "what to do".
[Pic: Dolomites, chapel carved into the rock, at the Apostoli hut.]
* Fixing the tomato: CRISPR edits correct plant-breeding snafu.
* More on the Long Run - CafeHayek.