Close
Enter your search into one or more of the boxes below:
You can refine your search by selecting from any of the options below:
Search
Your Shopping Basket
Total number of items: 0
Sub total: £0.00
Go to Checkout
Our Birmingham Shop
Books We're Talking About
Our Bristol Shop
Animators Survival Kit

George Monbiot: Oil companies should save for the future

10th June 2010

Oil companies should start saving their profits, as the cost of decommissioning the industry's aging infrastructure and developing cleaner energy will be far greater than many predict.

According to ardent environmentalist and Guardian columnist George Monbiot, BP should be setting aside its vast profits - which stood at USD 26 billion last year - to pay for future liabilities.

The author of Captive State and Heat says UN figures put the decommissioning bill in the oil industry at USD 50-170 billion a year - but claimed new research by British economists has shown that this figure is three times too low.

'Just as Norway has treated its oil money not as profit but as provision against a tougher future, so the governments in whose territories oil companies work should force them to pay into a decommissioning fund,' Monbiot wrote in the Guardian.

His comments come after beleaguered BP chief executive Tony Hayward announced he was pushing ahead with the payment of a USD 10 billion shareholder dividend - despite growing political pressure to halt the payout.

BP's Deepwater Horizon oil platform, which exploded killing 11 people on April 20th, is still spewing oil into the Gulf of Mexico and is expected to continue doing so well into September.

Latest Blog
Ben Macintyre Introduces His New Book, SAS: Rogue Heroes
26/09/2016

Ben Macintyre Introduces His New Book, SAS: Rogue Heroes, plus read the Prologue.

A Stinky #FoyesFive!
25/09/2016

Andi celebrates Birmingham Grand Central's First Birthday with her bestselling and rather stinky picture books!

Caz Hildebrand's Top Ten Herbs
20/09/2016

Herbarium author Caz Hildebrand reveals her top ten all-time favourite herbs

View all Blog Entries
Twitter
Show/Hide Tweets
© W&G Foyle Ltd