Clean crude? Oil firms use offsets to claim green barrels

[Yo_Mama_Been_Loggin]

In January, Occidental Petroleum announced it had accomplished something no oil company had done before: It sold a shipload of crude that it said was 100% carbon-neutral.

While the two-million-barrel cargo to India was destined to produce more than a million tons of planet-warming carbon over its lifecycle, from well to tailpipe, the Texas-based driller said it had completely offset that impact by purchasing carbon credits under a U.N.-sponsored program called CORSIA.

Carbon credits are financial instruments generated by projects that reduce or avert greenhouse-gas emissions such as mass tree plantings or solar power farms. The projects’ owners can sell the credits to polluting companies, who then use them to make claims of offsetting their carbon emissions.

Details of the Occidental transaction have not been previously reported. Two sources involved in the deal told Reuters that the driller paid about $1.3 million for the credits — or about 65 cents per barrel. Oil currently sells for more than $60 a barrel.

https://www.msn.com/en-us/autos/news/clean-crude-oil-firms-use-offsets-to-claim-green-barrels/ar-BB1fMuTn

Oh FFS

[ProudMNDemocrat]

1. Crude Oil will always be toxic...

Crude Oil is the by product of decayed remains of plant and animal life BILLIONS of years in the making.

Anyone thinking there is non-toxic Crude Oil are deluding themselves.

[SWBTATTReg]

2. This is a start...creating a robust market to encourage more carbon neutral investments to offset

carbon use helps led down the path towards negating the use of carbon in society. That is (and I'm ironically saying this), if you add some sort of financial incentive(s) towards helping reduce the impact of carbon use, in theory, it should work, i.e. giant solar farms (create/sell shares in/etc.) for pumping a million barrels of oil out of the ground, whereas before, the pumping out of a million barrels of oil was the only thing done.