California sues biggest 5 oil companies over "Climate Change"

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earth_imperator

California sues 5 of World's biggest oil companies (Exxon Mobil (XOM), Shell (SHEL), BP (BP), ConocoPhilips (COP), Chevron (CVX)), plus the American Petroleum Institute (API), over so-called "Climate Change":

https://www.spamchronicles.com/indigenous-knowledge-to-fight-forest-fires-le-devoir/
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California sues world’s biggest oil companies over climate change
By Ashley Cornell, email: ashley.cornell@spamchronicles.com / September 16, 2023

The US state of California has sued five of the world’s largest oil companies for billions of dollars in environmental damage and allegations of fraud. California filed suit against the companies on Friday, court documents show Exxon Mobil, Shell, BP, ConocoPhilips It is Chevron as well as against the industry association American Petroleum Institute The.

The State accuses them of “actively spreading misinformation” about the risks associated with the use of fossil fuels. “For more than 50 years, the oil giants have lied to us and hidden the fact that they have long known how dangerous the fossil fuels they produce are to our planet,” said California Governor Gavin Newsom. California now wants to “hold major polluters accountable.”

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Brought to you by "spamchronicles", the typos are original... :)
 
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gkishot said:
5 oil companies causing climate change? This is quite a tall claim.
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That's not what is alleged.

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From Press Release
The complaint includes the following causes of action:

  • Public nuisance: Under California law, a “nuisance” is “anything which is injurious to health,” and a “public nuisance” is “one which affects at the same time an entire community or neighborhood, or any considerable number of persons.” The complaint alleges that all the defendants, by their deceptions, acts, and omissions, have created, contributed to, and assisted in creating harmful climate-related conditions throughout California.
  • Damage to natural resources: California law authorizes the Attorney General to take legal action to protect the state’s natural resources “from pollution, impairment, or destruction.” The complaint alleges that the misconduct by all the defendants has served to exacerbate the climate crisis in California, and has led to the pollution, impairment, and destruction of California’s natural resources.
  • False advertising: California law prohibits untrue and misleading advertising in connection with the disposition of property or services. The complaint alleges that all defendants, with the intent to induce members of the public to purchase and utilize fossil fuel products, made misleading statements concerning fossil fuels.
  • Misleading environmental marketing: Under California law, “t is unlawful for a person to make an untruthful, deceptive, or misleading environmental marketing claim, whether explicit or implied.” The complaint alleges that all defendants have made environmental marketing claims that are untruthful, deceptive, and/or misleading, whether explicitly or implicitly.
    [*]Unlawful, unfair, and fraudulent business practices: California law prohibits unlawful, unfair, or fraudulent business acts or practices. The complaint alleges that all defendants committed unlawful acts by, among other things, deceiving the public about climate change and affirmatively promoting the use of fossil fuels while knowing that fossil fuels would lead to devastating consequences to the climate, including in California.
    [*]Products liability (strict and negligent): The complaint alleges that, as a result of the defendants’ failure to warn about the climate-related harms related to the use of their products, California has sustained a plethora of injuries and damages, including to state property, state infrastructure, and its natural resources.

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Court Filing

On another note The Atlantic has an interesting photo essay; historical to contemporary.

Screenshot 2023-09-17 075127.png
 
This should have the effect of creating some divergence between XLE and /CL.

Hopefully this news sets up for a nice pair trade.
 
mikeriley said:
Poor California, those Oil conglomerates should remove all
oil producing energy from California. Maybe after living in
darkness and no petrol to fuel their cars they'll realize the
foolishness of their actions.

Give them time, and they'll be suing every consumer who
uses any form of fuel.
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Oil is so 20th century. Data is the new oil.
 
I was never a believer in so-called peak oil mainly because, just like we no longer burn wood to cook our food or heat our homes with the exception of a few small percentages, some day in the future we will no longer do the same with crude. Also plastics will be some other compound in the future that "they" will bamboozles us with claims of recyclability and sustainability as well.
 
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