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> Oil money should be funding renewables not while there's still oil to be extracted. Rigs (esp. offshore ones) take a lot of initial investment, and takes sev
by chii 1y ago
> Oil money should be funding renewables
not while there's still oil to be extracted. Rigs (esp. offshore ones) take a lot of initial investment, and takes several decades to fully pay out. It's not hard to imagine that those investments hadn't fully matured and so they'd want the demand for oil to continue.
- consp 1y agoThe demand for oil as hydrogen base, plastic and other derivatives will keep those platforms profitable for a long time. Maybe not as massively profitable as now but more than a reasonable ROI. Oh wait, more profits above everything no matter what because the plebs are the only ones affected by it so they don't care.
- matthewdgreen 1y agoMy very limited understanding is that many of those assets require a certain timeline and rate of oil consumption for the investment to make sense financially. If global oil consumption goes down by say 50%, lots of assets just become worthless (even if someday we use them.)
- kergonath 1y agoEven when going full renewable and nuclear, demand for existing infrastructure is unlikely to make these rigs unprofitable over the long term. Moving all the economy will take time.
- dzhiurgis 1y agoAnd renewables are quick money. We need all sort of generation, it's not like renewables are going to replace all oil in near future. Every generation is being swollen up.