Oil companies have invested 50 times more in tar sands than in renewables
The oil industry talks a big game about looking toward the future and investing in renewable fuels. But a bit of number crunching from NRDC shows that oil's commitment to renewables isn't much more than talk.
According to the enviro group's analysis, the oil industry has spent about 50 times more on tar-sands development alone than on renewable fuels.
NRDC compared spending on renewable fuels to spending on producing oil, and reports that the oil industry spends less than half of one cent on renewables for every dollar it spends on oil. Lip service about renewables makes for way better commercials, though.
Oil Companies' Investments in Dirty Fuels Outpacing Clean Fuels by Fifty Times, NRDC.
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