Chevron (NYSE: CVX)

The Big Apple Loses to Big Oil as Judge Dismisses Climate Liability Suit

Read time: 4 mins
Flooded MTA train in New York after Hurricane Sandy

A federal judge ruled on Thursday in favor of a motion by five big oil companies to dismiss a lawsuit brought against them by New York City, which demanded they pay the costs of adapting the city's infrastructure to climate changeThe New York Times reported.

The ruling comes nearly a month after a federal judge in San Francisco dismissed a similar case brought by the cities of Oakland and San Francisco.

Oil Spill Laps Shores During Chevron-Sponsored French Quarter Festival

Read time: 3 mins

On April 12, an oil spill in the Mississippi River brought noxious fumes to music lovers at the New Orleans French Quarter Festival. The U.S. Coast Guard estimates 4,200 gallons of *heavy fuel oil spilled when a cargo ship hit the Nashville Wharf. 

New York City Will Divest Pension Funds from Fossil Fuel Companies

Read time: 6 mins
Simulation showing flooding in New York City

Today New York Mayor Bill De Blasio announced a goal to divest New York City’s pension funds from fossil fuel reserve owners within five years. This makes New York the first major American city to announce such a move.

According to a statement, the city’s five pension funds have approximately $5 billion invested in over 190 fossil fuel companies.

“New York City is standing up for future generations by becoming the first major U.S. city to divest our pension funds from fossil fuels,” said Mayor de Blasio. “At the same time, we’re bringing the fight against climate change straight to the fossil fuel companies that knew about its effects and intentionally misled the public to protect their profits.”

Big Oil Renewing Effort To Kill California's Landmark Climate Law

Read time: 7 mins

As California’s Global Warming Solutions Act, AB-32, approaches its 10th birthday, Big Oil is renewing efforts to roll it back and the governor and pro-environmental lawmakers in Sacramento are racing against the clock to counter the onslaught.

AB-32 set a 2020 target to reduce greenhouse gas (GHG) emissions to 1990 levels. But a key part of it, the cap-and-trade program, will sunset in 2020 unless legislators and Governor Jerry Brown can come up with a new law to let it continue.

Shale Rush Hits Argentina as Oil Majors Spend Billions on Fracking in Andes Region

Read time: 8 mins

While many countries, including France, Germany and South Africa, have banned or delayed their embrace of fracking, one country is taking a full-steam-ahead approach to the unconventional drilling technology: Argentina.

The country is welcoming foreign shale companies with open arms in the hope that oil and gas drilling will help combat one of the world’s highest currency inflation rates. But the government there is also facing violent clashes over fracking in arid regions of the Andes mountains and allegations from locals of water contamination and health problems.

Argentina’s Vaca Muerta shale formation — estimated to hold an amount of oil and gas nearly equal to the reserves of the world’s largest oil company, Exxon Mobil — has already attracted billions in investment from the major oil and gas company Chevron.

In April, the government drew global attention when it announced plans to auction off more acreage. “Chevron, Exxon, Shell have shown interest in Vaca Muerta. They will compete for sure,” Neuquen province Energy Minister Guillermo Coco told potential investors on a road show in Houston on April 30th.

Argentina, which the EIA estimates could hold even more shale gas than the U.S., already has over 150 shale wells in production, more than any country in the world aside from the U.S. and China. California-based Chevron, in partnership with Argentina’s state-owned oil company YPF, invested $1.24 billion in a pilot program last year. Last month, Chevron announced an additional $1.6 billion effort for 2014, part of Chevron's overall investment plan that could top $15 billion. The company is hoping that this plan will allow it to extract 50,000 barrels a day of shale oil plus 100 million cubic feet of shale gas per day from the country’s Andes mountain region.

American drillers have talked up Argentine shale as the next big thing. “Vaca Muerta is going to be an elephant compared to Eagle Ford,” Mark Papa, CEO of EOG Resources told the Argentine press in 2012, referring to a major oil-producing shale formation in Texas.

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