Like Oil and Water - NYC and Fossil Fuels

De Blasio yells at oil: promises divestment and files lawsuits

In a move more worthy of the headline “Old Man Yells at Cloud,” NYC mayor Bill de Blasio has announced that the city is divesting its pension funds from companies associated with fossil fuels as well as filing lawsuits against major oil companies for their “role” in “climate change.”

The city is suing BP, Chevron, ConocoPhillips, ExxonMobil and Royal Dutch Shell over climate change. San Francisco and Oakland filed similar suits a few months ago. De Blasio said, “As climate change continues to worsen, it’s up to the fossil fuel companies whose greed put us in this position to shoulder the cost of making New York safer and more resilient.” Regarding the pension funds, approximately $5 billion of the city’s total $189 billion fund is currently invested in fossil fuel-related companies.

The oil companies dispute the allegations that they have willfully contributed to climate change. Indeed, it is hard to see how companies who provide a good and service which is essential to modern life can be sued for providing that good and service. NYC and others who rage against oil companies seem to want two mutually-exclusive things: (1) the benefits which oil provides (e.g. modern transportation, electricity, heating, cooling, cosmetics, plastics, etc…) and (2) oil companies not to be in the business of providing the materials which make (1) possible.

The net effect of lawsuits and divestments such as this is likely to drive up the cost of oil-based products for consumers and discourage future investment by oil companies (investments which could increase efficiency and lower emissions).

(Image: AP Photo)

Fine, let them sell their shares and I will be buyer. Oil is going up on the improving economy and I am always looking to profit off of the stupidity of liberals.

I'm curious to see how New Yorkers survive this Winter without home heating oil.

What heats their homes and runs their buses, subways and taxis? What it the source of the electricity that lights up the city? If it were possible, I would love to see the prices for targeted commodities raised to compensate for the costs of defending these lawsuits, which are of course only filed to pander to the Loony Left. Surely a movement which constantly bleats its commitment to "fairness" would acknowledge the inherent fairness in being asked to shoulder the burden of costs they themselves have imposed. Let's see how they would like living with a 10% surcharge on all gasoline, diesel, heating oil and electricity consumed within the boundaries of DeBlabbio's constituency. Ditto for San Francisco and Oakland.