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A Carbon Tax Would Be Good for the E&P Industry

Source: Getty Images.

A few weeks ago, a very passionate discussion took place within the SPE reservoir online community about climate change and global warming. The issues were, not surprisingly, about the reality of global warming and about the role of human activity. This was certainly the most passionate debate this online community has had for the past few years, with a lot of people denying either the concept of global warming, or the role of an anthropogenic (i.e., man-induced) effect on greenhouse gas emissions.

As I am not a climate scientist, I did not join the discussion. However, I have learned a few things on this subject by reading a lot of literature:

  • Climate analysis and modeling is extremely complex due to the number of parameters playing a role, and the importance of interactions between parameters (including higher-order interactions, i.e., interactions between interactions). Climate behavior is not intuitive and sometimes is counterintuitive. This makes simple “good sense” analysis very unreliable and often misleading. And there is some confusion between climate forecasting and weather forecasting.
  • SPE produces high-quality technical literature through our peer-review process. In the domain of climate science, there are dozens of peer-reviewed papers/articles stating that there is likely a man-induced impact on climate change, and not a single one stating the opposite. I mean peer-reviewed by reference organizations, not a group of friends peer reviewing each other.
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A Carbon Tax Would Be Good for the E&P Industry

Alain Labastie, 2011 SPE President and SPE Foundation Trustee

01 August 2018

Volume: 70 | Issue: 8

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