The Debate is Over


In case you missed it, this was front page today on MSNBC.com:

“While the political debate over global warming continues, top executives at many of the nation's largest energy companies have accepted the scientific consensus about climate change and see federal regulation to cut greenhouse gas emissions as inevitable.

The Democratic takeover of Congress makes it more likely that the federal government will attempt to regulate emissions. The companies have been hiring new lobbyists who they hope can help fashion a national approach that would avert a patchwork of state plans now in the works. They are also working to change some company practices in anticipation of the regulation.

"We have to deal with greenhouse gases," John Hofmeister, president of Shell Oil Co., said in a recent speech at the National Press Club. "From Shell's point of view, the debate is over. When 98 percent of scientists agree, who is Shell to say, 'Let's debate the science'?”

It would appear that CO2 caused Global Warming (“GW”) is no longer a political sideshow. I am still in awe of the various political interests’ ability to manipulate the opinions of the public of this scientific phenomenon. Finally, we have one of the largest Oil companies in the world throwing in the towel on the GW issue. “98 %”, Mr. Hofmeister? Try 99.99 % - but who’s counting? You can bet you life that laws and regulations on CO2 emissions are coming. As I stated in recent posts, there was a fair number of local, city, county, and state regulators at the Boston University Peak Oil conference – and they were there to do what the needs to be done, even if the Feds won’t, but the Feds are not about to let the states steal their thunder.

This is going to affect the markets, and consequently, your net worth. Don't let your politics cloud your investment judgment.

Greg Jeffers