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Empty promises: G20 subsidies to oil, gas and coal production

G20 country governments are providing $452 billion a year in subsidies for the production of fossil fuels. Their continued support for fossil fuel production marries bad economics with potentially disastrous consequences for the climate. In effect, governments are propping up

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Rockefeller Fund: ‘The oil age is coming to an end’

Stephen Heintz, president of the Rockefeller Brothers Fund, explains to DW how it makes perfect sense that a fund which got rich on oil is now divesting from fossil fuels. With its announcement to pull out of oil and coal, the

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Bill Gates calls fossil fuel divestment a ‘false solution’

Bill Gates has branded fossil fuel divestment “a false solution” and accused environmentalists of making misleading claims about the price of solar power. In an interview with US magazine the Atlantic, the founder of Microsoft and the Gates foundation criticised

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Bp to pay largest settlement with a single entity in american history

As the U.S. Department of Justice announced on Monday October 5 a final settlement with Bp over the devastating 2010 Deepwater Horizon oil spill, groups are warning that the oil giant may still nab a substantial tax break under the

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Shell abandons contentious Arctic exploration after poor results

Royal Dutch Shell has abandoned a contentious Arctic drilling campaign off the coast of Alaska and is preparing to take billions of dollars in writedowns after its exploration efforts failed to make a significant discovery. The collapse in oil prices

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For oil producers cash is king, and that’s why they just can’t stop drilling

Investors sent a surprising message to U.S. shale producers as crude fell almost 20 percent in August: keep calm and drill on. While most oil stocks have fallen sharply last month, the least affected by the slump share one thing

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How oil flows in and out of every major region around the world

Every major economy around the world is fueled by oil. But most of them don’t produce the oil they use. In its new “Statistical Review of World Energy” report, BP included a map tracking oil trade flows around the world.

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Shell gets final clearance to begin drilling for oil in the Arctic

The Obama administration has granted final approval for Shell’s Arctic drilling programme, clearing the way for the company to restart its stuttering search for northern oil and drawing criticism from presidential hopeful Hilary Clinton. Shell has been waiting since the

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What the Iran nuclear deal means for oil prices

From an economic standpoint, one of the most significant aspects of US-Iran nuclear deal is that it could open up Iran’s vast crude oil reserves to the rest of the world. Once Europe and the US ease their sanctions, Iran

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BP set to pay largest environmental fine in US history for Gulf oil spill

BP has agreed to pay a record environmental fine of $18.7bn to settle legal actions brought by the US and several states over the fatal 2010 Gulf of Mexico oil spill. The US justice department, along with the states of Louisiana,

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