Big companies lied to us to fluff their bottom line? What’s next?! The government completely ignoring this, or downplaying it, then blowing gently on their wrists and calling it a “hefty fine”?
Sorta /s
No-To-Newspeak on
Carbon credits are nothing more than a massive money laundering scheme.
SnuffleWarrior on
Big oil untrustworthy you say? Well, I’ll be….
RMNVBE on
No way! Massive corporation scamming a scam tax cash grab system? I don’t believe it
gravtix on
As a collective industry, O&G companies are the scum of the earth.
Them promoting carbon capture, is like that time they promoted recycling and leaded gasoline.
>The Federal Trade Commission took action to resolve antitrust concerns surrounding Exxon Mobil Corporation’s (Exxon) $64.5 billion acquisition of oil producer Pioneer Natural Resources by approving a consent order that prevents founder and former Pioneer CEO Scott Sheffield from gaining a seat on Exxon’s board of directors or serving in an advisory capacity at Exxon once it acquires Pioneer.
>The proposed consent order seeks to prevent Pioneer’s Sheffield from engaging in collusive activity that would potentially raise crude oil prices, leading American consumers and businesses to pay higher prices for gasoline, diesel fuel, heating oil and jet fuel.
>*The FTC alleges in a complaint that Sheffield has, through public statements and private communications, attempted to collude with the representatives of the Organization of Petroleum Exporting Countries (OPEC) and a related cartel of other oil-producing countries known as OPEC+ to reduce output of oil and gas, which would result in Americans paying higher prices at the pump, to inflate profits for his company*
Someone should call the FTC immediately and let them know it’s Trudeau’s carbon tax that’s the real culprit /s
duck1014 on
Carbon credits are overall a scam.
Here’s a common way credits are created.
Joe blow purchased a hunk of land for farming. 30% of said land cannot be used due to terrain.
Joe Blow can now sell carbon credits based on not clearing unusable land.
Rich person can now buy said credits to offset carbon…but, the credits were generated falsely.
MattDapper on
What a joke. As if this wasn’t planned from the outset. Carbon credits? Really? Something just completely made up that is supposed to have some kinda value? Like companies are to “exchange” these “credits” for actual money? Our money?!
DickSmack69 on
Anyone actually going to read the article? The agreement was set up for them to earn credits in this manner. Hate the company all you want, but the agreement was structured in this way to encourage them to invest in a high risk technology. In doing, they commercialized the process, a process that can now be applied elsewhere with much less risk.
There was no fraud. They could have structured the deal to accelerate depreciation, additional tax credits, etc etc but instead it was done in this particular way in consultation with the gov. It’s exceedingly difficult to get companies to risk their money on an unproven process.
Terminal_End on
Are any executives going to get executed for this?
rural-gmaw-340 on
Carbon capture into the earth is a scam!
Sam_of_Truth on
Don’t worry, they totally have something in the works. They’ll definitely capture that carbon one day soon, just let them keep selling credits in the meantime. It’ll be fine.
flamboyantdebauchry on
what catches my 👀 is “Shell was awarded two tonnes’ worth of emissions reduction credits for each tonne of carbon it actually c***aptured and stored underground ***at its Quest plant, near Edmonton.
***captured and stored underground*** AND THEN WHAT ?
Low_Entertainer_6973 on
I’m shocked
PeacefulGopher on
Don’t worry. Taxpayers paid the bill for all those jet rides and dinners in Singapore and London!
15 Comments
Whaaaaat?! Say it ain’t so! /s
Big companies lied to us to fluff their bottom line? What’s next?! The government completely ignoring this, or downplaying it, then blowing gently on their wrists and calling it a “hefty fine”?
Sorta /s
Carbon credits are nothing more than a massive money laundering scheme.
Big oil untrustworthy you say? Well, I’ll be….
No way! Massive corporation scamming a scam tax cash grab system? I don’t believe it
As a collective industry, O&G companies are the scum of the earth.
Them promoting carbon capture, is like that time they promoted recycling and leaded gasoline.
[And now the FTC in the US is alleging that a US oil executive colluded with OPEC](https://www.ftc.gov/news-events/news/press-releases/2024/05/ftc-order-bans-former-pioneer-ceo-exxon-board-seat-exxon-pioneer-deal)
>The Federal Trade Commission took action to resolve antitrust concerns surrounding Exxon Mobil Corporation’s (Exxon) $64.5 billion acquisition of oil producer Pioneer Natural Resources by approving a consent order that prevents founder and former Pioneer CEO Scott Sheffield from gaining a seat on Exxon’s board of directors or serving in an advisory capacity at Exxon once it acquires Pioneer.
>The proposed consent order seeks to prevent Pioneer’s Sheffield from engaging in collusive activity that would potentially raise crude oil prices, leading American consumers and businesses to pay higher prices for gasoline, diesel fuel, heating oil and jet fuel.
>*The FTC alleges in a complaint that Sheffield has, through public statements and private communications, attempted to collude with the representatives of the Organization of Petroleum Exporting Countries (OPEC) and a related cartel of other oil-producing countries known as OPEC+ to reduce output of oil and gas, which would result in Americans paying higher prices at the pump, to inflate profits for his company*
Someone should call the FTC immediately and let them know it’s Trudeau’s carbon tax that’s the real culprit /s
Carbon credits are overall a scam.
Here’s a common way credits are created.
Joe blow purchased a hunk of land for farming. 30% of said land cannot be used due to terrain.
Joe Blow can now sell carbon credits based on not clearing unusable land.
Rich person can now buy said credits to offset carbon…but, the credits were generated falsely.
What a joke. As if this wasn’t planned from the outset. Carbon credits? Really? Something just completely made up that is supposed to have some kinda value? Like companies are to “exchange” these “credits” for actual money? Our money?!
Anyone actually going to read the article? The agreement was set up for them to earn credits in this manner. Hate the company all you want, but the agreement was structured in this way to encourage them to invest in a high risk technology. In doing, they commercialized the process, a process that can now be applied elsewhere with much less risk.
There was no fraud. They could have structured the deal to accelerate depreciation, additional tax credits, etc etc but instead it was done in this particular way in consultation with the gov. It’s exceedingly difficult to get companies to risk their money on an unproven process.
Are any executives going to get executed for this?
Carbon capture into the earth is a scam!
Don’t worry, they totally have something in the works. They’ll definitely capture that carbon one day soon, just let them keep selling credits in the meantime. It’ll be fine.
what catches my 👀 is “Shell was awarded two tonnes’ worth of emissions reduction credits for each tonne of carbon it actually c***aptured and stored underground ***at its Quest plant, near Edmonton.
***captured and stored underground*** AND THEN WHAT ?
I’m shocked
Don’t worry. Taxpayers paid the bill for all those jet rides and dinners in Singapore and London!