Why find more? Unburnable carbon as financial assets.
December 19, 2013 9:59 AM Subscribe
There is another bubble.
posted by anthill (22 comments total)
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Before it's burned, Coal, Oil and Gas sit for years on the balance sheets of private (and national) resource companies, as "known reserve" assets. Assets that, someday, will become revenues. Or will they?
And if they won't, what will the balance sheets of ExxonMobil, Chevron, BP, Petrochina, and Gazprom actually look like?
In the meantime, exploring for more coal, oil, and gas remains tax-deductible.
Global subsidies to the fossil fuel sector may be as high as $600 billion per year.