When tree-ring reader Ray Bradley speaks…
Ray Bradley said:
[Fossil fuel reserves] are almost unusable. Because the environmental consequences of using those resources would be totally catastrophic. So in that sense, the valuation of many of our major companies — like Exxon, Shell and BP — the valuation of those companies is based on their assets. And where are their assets? Their assets are in the ground now. So when somebody values that company and says well they have all those reserves, but those reserves are unused and to a large extent are unusable. And I think that message has to be made more visible. These companies are overvalued because their assets are essentially unusable and it’s the same with the tar sands. We can’t use what we’ve got already. Why do we need more other than to prop up the Alberta government and the Harper government, too?
Watch the video below. This clip begins at about 1:09.