BP Drops Renewable Energy in Face of Profits Glut on $100/Barrel Oil

Well that was over fast. I’m speaking, of course, about BP’s embrace of renewable energy. They have effectively abandoned green energy and are newly focused solely on oil products. It’s hard to argue with that on a strict fiduciary level in the face of $100/barrel oil, but it’s still disappointing that they are focused on the short term.

They’re chopping 14,500 jobs at the same time, while anally raping Canada digging up oil sands, placing them high on the Corporations That Suck List.

Environmental Graffiti has it:

The move is part of Hayward’s larger overhaul of the energy giant, including a cost-cutting program that will see 14,500 jobs cut and nearly $1 billion trimmed from overhead costs. The company has decided that high oil prices are here to stay, and has decided to maximise its profit by focusing on that area including a much greater investment in the Canadian oil sands. The oil sands in Canada have recently been in the news after being labeled “the most destructive project on Earth”

Link [Environmental Graffiti]

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