After 146 years, Rockefeller family is exiting the oil business

[Confounding]

Good on them for speaking the truth.

After 146 years, Rockefeller family is exiting the oil business

Heirs to the oil fortune created by John D. Rockefeller, who founded Standard Oil in 1870, are exiting the family business. The Rockefeller Family Fund, a charity that supports causes related to the environment, economic justice and other issues, is liquidating its investments in fossil fuel companies, including Exxon Mobil (XOM). "While the global community works to eliminate the use of fossil fuels, it makes little sense -- financially or ethically -- to continue holding investments in these companies," the fund said on Wednesday in a statement. "There is no sane rationale for companies to continue to explore for new sources of hydrocarbons."

In announcing its decision, the Rockefeller fund attacked Exxon for what it called the company's "morally reprehensible conduct," alluding to allegations that the company has hidden evidence that fossil fuels contribute to climate change. "Evidence appears to suggest that the company worked since the 1980s to confuse the public about climate change's march, while simultaneously spending millions to fortify its own infrastructure against climate change's destructive consequences and track new exploration opportunities as the Arctic's ice receded," the fund said.

 

[Baron]

Good on them for speaking the truth.

After 146 years, Rockefeller family is exiting the oil business

Heirs to the oil fortune created by John D. Rockefeller, who founded Standard Oil in 1870, are exiting the family business. The Rockefeller Family Fund, a charity that supports causes related to the environment, economic justice and other issues, is liquidating its investments in fossil fuel companies, including Exxon Mobil (XOM). "While the global community works to eliminate the use of fossil fuels, it makes little sense -- financially or ethically -- to continue holding investments in these companies," the fund said on Wednesday in a statement. "There is no sane rationale for companies to continue to explore for new sources of hydrocarbons."

In announcing its decision, the Rockefeller fund attacked Exxon for what it called the company's "morally reprehensible conduct," alluding to allegations that the company has hidden evidence that fossil fuels contribute to climate change. "Evidence appears to suggest that the company worked since the 1980s to confuse the public about climate change's march, while simultaneously spending millions to fortify its own infrastructure against climate change's destructive consequences and track new exploration opportunities as the Arctic's ice receded," the fund said.

The revenues in Oil & Gas business are dropped, the rats are fleeing from the sinking ship.

 

[Manonthestreet]

Lllmmaaaoooo. Who has a magic wand to power a modern economy without it

 

[RoshawnMarkwees]

Nothing like rich white lefties telling everyone else what is good for them -- especially when it isn't.

 

[rightwinger]

Good on them for speaking the truth.

After 146 years, Rockefeller family is exiting the oil business

Heirs to the oil fortune created by John D. Rockefeller, who founded Standard Oil in 1870, are exiting the family business. The Rockefeller Family Fund, a charity that supports causes related to the environment, economic justice and other issues, is liquidating its investments in fossil fuel companies, including Exxon Mobil (XOM). "While the global community works to eliminate the use of fossil fuels, it makes little sense -- financially or ethically -- to continue holding investments in these companies," the fund said on Wednesday in a statement. "There is no sane rationale for companies to continue to explore for new sources of hydrocarbons."

In announcing its decision, the Rockefeller fund attacked Exxon for what it called the company's "morally reprehensible conduct," alluding to allegations that the company has hidden evidence that fossil fuels contribute to climate change. "Evidence appears to suggest that the company worked since the 1980s to confuse the public about climate change's march, while simultaneously spending millions to fortify its own infrastructure against climate change's destructive consequences and track new exploration opportunities as the Arctic's ice receded," the fund said.

Interesting fact is that Rockefeller didn't make his money in gasoline he made it in kerosene. Kerosene lamps lit the country and Rockefeller cornered the market.
Once Edison's light bulb came around, it looked like Rockefeller's days were numbered. But the development of the internal combustion engine came at just the right time