230
you are viewing a single comment's thread
view the rest of the comments
view the rest of the comments
this post was submitted on 22 Apr 2025
230 points (99.1% liked)
Technology
82581 readers
391 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related news or articles.
- Be excellent to each other!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, this includes using AI responses and summaries. To ask if your bot can be added please contact a mod.
- Check for duplicates before posting, duplicates may be removed
- Accounts 7 days and younger will have their posts automatically removed.
Approved Bots
founded 2 years ago
MODERATORS
The rest of the world has been trying to move away from fossil fuels for decades. Why these guys didn't figure out they should diversify beyond oil I do not understand.
Most of the big ones have. Oil is still where most of their money comes from, but they often have various wind and solar divisions as well.
Large corporations are allergic to capital expenditures. That is, they don't like investing in new things to make the business run. They want their previous investment to run as long as possible. On occasion, the workers will arrange big projects to be covered as "maintenance" rather than capital expenditures.
Oil companies have invested in oil pumps and refineries. They could invest in all sorts of other things, but that's less money in the hands of shareholders. That's all there is to it. Money spent on new investments isn't making them richer right now.
The house of Saud has a lot of money in renewables already for example. But they make even more money if we buy all their oil first, so that's what they want us to do.