After a long history of helping Putin, the Western oil giants are only now leaving Russia. Perversely this may benefit China.
Thanks to the Russian invasion of Ukraine, several fossil fuel giants are severing long-standing relationships with Russia and its oligarchs, which would seem to put the brakes on the further growth of fossil fuel production in Russia. Foreign Policy reviews the sordid history of these these and similar associations in the past, and considers their likely impacts on the climate emergency, autocrats and their oligarchs, and the fossil fuel special interests.
For example, BP has owned 19.75% of Russia’s Rosneft, supplier of the fuel being used to invade the Ukraine. It’s divestment only executed after the invasion started, has knocked the bottom out of the Russian oil market and may delay key development projects. It should stop financing and technology transfers Rosneft needs for its future growth.
Despite people being shocked by BP’s Russian involvement, Foreign Policy notes that this goes back to before 2014 when Russia invaded and annexed the Crimea – and was clearly favorable to BP’s bottom line – let alone Putin and his cronies.
In fact, Western oil companies often partner with autocratic, corrupt and repressive governments, e.g., in Africa, Arabia, and in the Americas to the detriment of almost everyone else as described in the Foreign Policy article:
by Alexandra Gillies, 04/03/2022 in Foreign Policy
How to Stop Oil Companies From Propping Up Kleptocrats: The industry’s belated withdrawal from Russia is a welcome move, but energy giants could do more to avoid bolstering corrupt and repressive regimes.
The profits from these associations, make big oil even more powerful and damaging to the environment than they would otherwise be. One wonders how much Big Oil has contributed to the Australian COALition Government’s love and support of the fossil fuel industry in our country? The political context and implications are crystal clear.
For years as Scotty says below in his own words, our LNP COALition puppet Government has been supporting the mindlessly greedy fossil fuel special interests in preference to ordinary people. Both the industry and the puppets work first, to deny the science that shows us the world is warming at an accelerating rate from the continued burning of fossil carbon; and secondly, to fill our thought space with endlessly distracting humbug and blather so we won’t pay attention to what they are doing. Burning fossil fuel clearly comes first before acting on the climate emergency!
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Featured image: oil refinery plant Yaroslavnefteorgsintez in Yaroslavl town, Russia. Русский: нефтеперерабатывающий завод, вечер / https://creativecommons.org/licenses/by-sa/4.0/deed.en / via Wikimedia Commons / Author Svtk44