Guess Who's Paying for Big Oil's Latest Merger? You

ExxonMobil's recent purchase of oil and gas rival Pioneer Natural Resources for $59.5 billion creates the single largest producer in the biggest U.S. oilfield, according to Reuters. The completed deal injects upwards of 700,000 barrels of oil and gas into the global market every day. Lower costs and more efficient production mean that consumers will enjoy lower oil and gas prices for a decade, according to ExxonMobil CEO Darren Woods.

In clear and precise language, he identified the extraction and use of fossil fuels as the prime cause of rapid climate change, wrote in detail of the harsh consequences suffered by the world's poorest because of these changes, and blamed wealthy elites, corporations, and singled out the United States and the obscene level of mass consumption that goes on there, as key culprits.

Source: News Formal (newsformal.com)

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