Rockefeller Trust Will Divest Itself of Oil Investments

[1979Shocker]

http://www.nbcnews.com/news/us-news/rockefeller-trust-will-divest-itself-oil-investments-n208766

The Rockefeller family, which harnessed the oil industry to amass one of the greatest fortunes in American history, is getting out of oil.

The heirs of John D. Rockefeller, who founded Standard Oil in 1870 and became the wealthiest man in the United States, plan to announce Monday that their charitable trust will sell its investments in fossil fuels.

The announcement came a day ahead of a United Nations summit on climate change, and as world scientists reported that countries are spewing a record amount of carbon pollution into the air.

[WuDrWu]

There are a lot of idiots in that takeaway.

[Kung Wu]

Three thoughts:

1) How come nobody on the left has been attacking the filthy rich Rockefeller oil barons for being knee-deep in oil all this time?, and

2) "spewing", and

3) I hope the filthy rich leftists keeps selling their oil shares for "cleaner" energy.

[Dave Stalwart]

I have no idea what I'm talking about, but I do feel like anytime a mega rich person "gets out of something" that was making them mega rich, there is probably a really good reason.

And I doubt it is just that they care SO much about clean energy all the sudden.

To me, in business, it's a sign that something better is coming. You get out before you start losing. Meanwhile, you also get some media coverage about how you care and wanted to invest in something cleaner. In other words, if your family was in oil for 150 years and then you want to get out of it, that tells me they feel like oil isn't where the money is anymore and that could be kind of exciting. But what do I know. I like speculating

[Kung Wu]

I have no idea what I'm talking about, but I do feel like anytime a mega rich person "gets out of something" that was making them mega rich, there is probably a really good reason.

And I doubt it is just that they care SO much about clean energy all the sudden.

To me, in business, it's a sign that something better is coming. You get out before you start losing. Meanwhile, you also get some media coverage about how you care and wanted to invest in something cleaner. In other words, if your family was in oil for 150 years and then you want to get out of it, that tells me they feel like oil isn't where the money is anymore and that could be kind of exciting. But what do I know. I like speculating

These are trust fund babies. Oil is nice and high right now. The simple answer is they want to lock in the profits and convert to cash -- not because there is some better energy alternative. They probably need another jet, want to convert to gold before the economy tanks again, purchase some companies, and then buy oil once that sucker drops again.

[Play Angry]

Eh, it's for their charitable trust and not personal use, so it is likely a combination of (1) a strategic shift in their investment management plan; and (2) a nice PR move.

Regardless of what your opinion may be of their stock price, Tesla has accomplished in a half dozen years things the major auto manufacturers said were decades away from being practicable. Oil isn't going away anytime soon, but it's not silly to think its price may continue to drop or stagnate.

[WuDrWu]

It's not silly at all to think the price of oil will come down, but it is RARELY a good idea to sell production.

[Play Angry]

Just depends on what the price is. Mineral rights in 1980 priced in continued parabolic gains, and buyers lost their shorts for the next couple decades. Sellers in 1999 felt similarly dumb I am sure.

If the projected ROI reflected in the sales price is well above what you think it will be going forward, ya might as well dump it.

[Dave Stalwart]

Eh, it's for their charitable trust and not personal use, so it is likely a combination of (1) a strategic shift in their investment management plan; and (2) a nice PR move.

Regardless of what your opinion may be of their stock price, Tesla has accomplished in a half dozen years things the major auto manufacturers said were decades away from being practicable. Oil isn't going away anytime soon, but it's not silly to think its price may continue to drop or stagnate.

This is kind of what I am thinking. I just don't see getting out of something that big as something you would do unless you were pretty well aware it was as peaked today as it is going to be moving forward. Meanwhile, you look like a pioneer of clean energy as a result. I'm not even criticizing. It's a solid move. I just also wonder what is on the horizon

[MoValley John]

My take. BFD. There is no time line given and none demanded. A big non-event.

[shoxilla]

Maybe with all the global warming they're afraid it might spontaneously combust.

[1979Shocker]

Maybe with all the global warming they're afraid it might spontaneously combust.

Yeah, definitely if all that Artic ice starts melting, releasing all that trapped methane gas.

[MoValley John]

Yeah, definitely if all that Artic ice starts melting, releasing all that trapped methane gas.

Interesting read. http://m.us.wsj.com/articles/climate...43565?mobile=y

[wufan]

Interesting read. http://m.us.wsj.com/articles/climate...43565?mobile=y

He articulates my basic stance much better than I could. Science does not currently answer the question of how what we do impacts the climate, yet we make major policy decisions as if it does.

[MoValley John]

He articulates my basic stance much better than I could. Science does not currently answer the question of how what we do impacts the climate, yet we make major policy decisions as if it does.

It makes you wonder why he didn't stick around for Obama's second term.