Shell Oil has announced abandoning Arctic oil exploration, a $7 billion investment. Across the globe, the industry has shed 200,000 jobs and cut investment by 20 percent. Hillary Rodham Clinton has come out against the Keystone XL, which is an easy bet, politically. Keystone and our Phillips rail expansion are both examples of foolhardy investments in a dying carbon extraction industry. Worldwide, every carbon-based industry is experiencing higher costs, lower demand and lower prices for what they do sell.
The expansion of renewable energy systems is extremely rapid, technologies are advancing and prices are dropping. What a tragic waste to allow for the expansion of the rail system at Phillips’ Nipomo facility.
It makes no sense to go forward as a way to preserve jobs; they will be replaced by many more in the emerging industries. It really can’t be justified in any sense.