The notion of abandoning fossil fuels is a dangerous one, especially proposals by governments and institutions to clear their environmental conscience by “divesting” from oil and gas.
After all, we need fossil fuels for everyday life. Now, as communities worldwide continue to deal with COVID-19, the value of fossil fuels is even greater.
Most know that fossil fuels such as natural gas and coal remain important parts of keeping the lights on and the economy running. But fossil fuels do much more.
For example, natural gas is also a critical feedstock for producing petrochemicals like isopropyl alcohol and polypropylene, necessary materials for personal protection equipment, hand sanitizer, and many disinfectants currently in scarce supply. The world needs fossil fuel products to combat the spread of this virus.
A recent Wall Street Journal editorial detailed how ExxonMobil has been focused on COVID-19 relief. It’s been a hundred years since scientists with Standard Oil of New Jersey, the predecessor of Exxon, invented isopropyl alcohol. Now, Exxon has ramped up its isopropyl alcohol production by 3,000 tons per month, enough to produce 50 million four-ounce bottles of hand sanitizer.
It’s is also increasing its polypropylene production by around 1,000 tons per month, enough raw material to produce 200 million medical masks or 20 million gowns. By teaming with Boeing, Exxon is also manufacturing up to 40,000 masks per hour right here in the U.S.
Meanwhile, BP has announced it will supply 3 million gallons of jet fuel to FedEx Express charter flights and Alaska Airlines free of charge to ensure that personal protective equipment and other essentials get to the front lines. Chevron-funded Fab Labs has plans produce more than 20,000 face shields and masks for hospitals, nursing homes, and first responders and has donated 100,000 surgical masks to California hospitals.
Dow Chemical is collaborating to produce 100,000 face shields in Michigan. Phillips 66, Shell, and Marathon have also stepped up in a big way.
Of course, some continue to bang the divestment drum. In a twist of irony, New York has turned to Exxon to supply isopropyl alcohol, even as New York City Council members introduced a resolution recently to “divest” the city from banks that invest in fossil fuels.
Nonetheless, despite the New York City Council’s disdain for fossil fuel manufacturers, Exxon still intends to provide the state hand sanitizer for free.
Fossil fuel companies often make easy targets for those with political agendas, but the energy and products they manufacture are part of the solution for dealing with COVID-19. They’ll also be part of the solution as the American economy begins its recovery.
The oil and gas sector has been a bright spot for the American economy in recent years, creating jobs and making us the top global producer of these important commodities.
Despite the value of fossil fuels, misguided cries for fossil fuel divestment have only grown louder recently. Some universities, pension funds, and local governments continue to advocate withdrawing all financial support of fossil fuel companies, a move that helps neither shareholders or the planet.
Now, those voices seem more misguided than ever.
Fossil fuel manufacturers aren’t the enemy. In fact, the Energy Information Administration found that the transition to natural gas for electricity generation helped reduce carbon emissions by 28 percent between 2005 and 2017.
The truth is fossil fuels are part of the solution to climate change. They’re also providing vital raw materials for products our nation desperately need right now to fight this virus. We should be embracing companies that are part of the solution, not targeting them.
Source: greeleytribune
