News for hackers. Stuff that matters.

A comment on Massachusetts Sues Exxon over Climate Change, Accusing the Oil Giant of Fraud. Parent comment

Re:Massachusetts Sues Exxon over Climate Change, Accusing th... by calcifer on Sunday October 27, 2019 @09:07AM (#21369465)
> You could take every penny the oil companies have and it would barely make a dent in the problem.

Citation needed. The top 10 oil companies [1] had a cumulative $2.5 trillion dollars in revenue in 2017. I'd say that'd go a long way in climate change R&D.

[1] https://en.wikipedia.org/wiki/List_of_largest_oil_and_gas_co...

[ Parent | on HN ]
Re:Massachusetts Sues Exxon over Climate Change, Accusing th... by Aunche on Sunday October 27, 2019 @09:40AM (#21369610)
Revenue, not profit. Oil is very low margin. Oil companies makes about 7 cents per gallon of gasoline. That's a lot less than the amount of money that is collected from gasoline taxes.

https://www.forbes.com/2011/05/10/oil-company-earnings.html#...

[ Parent | on HN ]
Re:Massachusetts Sues Exxon over Climate Change, Accusing th... by onetimemanytime on Sunday October 27, 2019 @09:37AM (#21369593)
Value would go to zero the minute you announce confiscation or whatever we call it. And revenue is different from money in the bank or assets.
[ Parent | on HN ]
Re:Massachusetts Sues Exxon over Climate Change, Accusing th... by WillPostForFood on Sunday October 27, 2019 @09:41AM (#21369620)
So, nationalize oil sales revenue to fight to raise money to climate change. See any problem there?
[ Parent | on HN ]