The Current Legal Onslaught Is Unlikely To Limit World Oil Production Significantly
/As you may be aware, a big part of the recent strategy of environmental activists supposedly to address “climate change” has been a multi-front legal onslaught against the major oil producing companies. The onslaught has included everything from hundreds of lawsuits in as many jurisdictions, restrictive new laws, regulatory initiatives, proxy contests, and much else.
The past few days have brought news of what may appear to be a couple of major victories by the activists. In the U.S., insurgent shareholders on May 26 scored a victory in a proxy contest involving ExxonMobil, successfully electing two directors (out of twelve) to the board of the company. Separately, on the same day, in a lawsuit brought in the Netherlands by Friends of the Earth, a court in The Hague ordered Royal Dutch Shell to cut its carbon emissions by some 45% by 2030.
Various media sources, including the Wall Street Journal at the two links above, are reporting these developments as significant defeats for the oil and gas industry, and even as harbingers of its impending rapid decline in the face of mounting legal obstacles. But is such a decline really likely?