Guess Who's Paying for Big Oil's Latest Merger? You

  • 📰 Newsweek
  • ⏱ Reading Time:
  • 20 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 11%
  • Publisher: 52%

Business News News

Business Business Latest News,Business Business Headlines

The merger offers an illustration of how a small handful of corporate executives make profit-driven decisions for shareholders that have long-term negative consequences for the public.

ExxonMobil's recent purchase of oil and gas rival Pioneer Natural Resources for $59.5 billion creates the single largest producer in the biggest U.S. oilfield, according to Reuters. The completed deal injects upwards of 700,000 barrels of oil and gas into the global market every day. Lower costs and more efficient production mean that consumers will enjoy lower oil and gas prices for a decade, according to ExxonMobil CEO Darren Woods.

In clear and precise language, he identified the extraction and use of fossil fuels as the prime cause of rapid climate change, wrote in detail of the harsh consequences suffered by the world's poorest because of these changes, and blamed wealthy elites, corporations, and singled out the United States and the obscene level of mass consumption that goes on there, as key culprits.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 468. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Seattle companies' big climate pledges are big question marksEmissions at Amazon, Microsoft and Starbucks are all up in recent years.
Source: axios - 🏆 302. / 63 Read more »