In other words, "duh".
I especially love the bit in the end from the oil industry shill:
However Eugene Whyms, Finance Director of oil and gas explorer
EnCore Oil (EO.L: Quote, Profile, Research), said he did not think
either issue was of much concern.
"The threat from climate change -- I'm not sure what that is, apart
from panic and extra taxes in case we all go under water," Whyms
said, adding that the climate has always changed.
"And the oil price has doubled in the past few years, without any
major consequences."
Indeed.
Udhay
http://uk.reuters.com/article/reutersEdge/idUKNOA62509620071026?sp=true
Oil bigger threat than climate change in 10 years
Fri Oct 26, 2007 8:13am BST
By Chris Wills and John Bowker
LONDON (Reuters) - Rising oil prices are a bigger threat to the world
economy than climate change in the next 10 years - that was the
surprising verdict of company executives from carbon trading, fuel
cell, oil exploration and solar power firms who attended the Reuters
Smaller Companies Forum.
But climate change is likely to have a greater effect on the global
economy over a 50-year timespan, according to those executives from
old and new energy companies.
"In a short-term scenario it is hard to say climate change is going
to be a differentiating factor," said Jack MacDonald, finance
director of carbon cutting project developer EcoSecurities (ECO.L:
Quote, Profile, Research).
"If oil prices quadruple it is probably more of a challenge to the
economy than climate change," he said.
But he added high oil prices would force businesses to tackle climate
change earlier, as it is a greater problem in the longer term.
Peter Bance, chief executive of fuel cell domestic boiler maker Ceres
Power (CWR.L: Quote, Profile, Research), said the world can cope with
both pressures in the short term, but there were signs that natural
catastrophes were already forcing a radical rethink.
"Hurricane Katrina woke people in the U.S. up in a very big way, even
though it was not necessarily 100 percent linked to climate change," he said.
"Droughts and flooding are a much bigger long-term driver (of
people's behaviour) than the oil price," he added.
Dr Peter Finnegan, finance director of solar wafer maker PV Crystalox
Solar Plc (PVCS.L: Quote, Profile, Research), said oil was a far more
obvious threat to the economy than climate change over the next 10 years.
"High oil prices have a direct cost implication in terms of
industrial output," he said.
However Eugene Whyms, Finance Director of oil and gas explorer EnCore
Oil (EO.L: Quote, Profile, Research), said he did not think either
issue was of much concern.
"The threat from climate change -- I'm not sure what that is, apart
from panic and extra taxes in case we all go under water," Whyms
said, adding that the climate has always changed.
"And the oil price has doubled in the past few years, without any
major consequences."
The fight to tap oil fields in Alaska, the Arctic and Antarctic will
be the key battleground between climate change campaigners and old,
fossil-fuel based, energy firms, Whyms thinks.
"The battle will probably come to a head on something emotive, like
spoiling Antarctica," he said.
Asked whether those areas should be drilled, he said: "It would be
very expensive and I don't think there is a big imbalance between oil
supply and demand. I think the price has partly been pushed up by a
lot of traders and speculators."
--
((Udhay Shankar N)) ((udhay @ pobox.com)) ((www.digeratus.com))
