Putting the Pedal to the Metal and Real Fake News

Drill, Baby, Drill?  ͏  ͏  ͏ [expressnews.com]( [View in Browser]( [Tomlinson's Take]( October 26, 2023 Reader, after Nov. 16, this newsletter will be exclusively for paid subscribers. Don't lose access to Chris Tomlinson's award-winning commentary on politics, money and life in Texas! [Get unlimited digital access: 6 months for only 99¢.](   --------------------------------------------------------------- [Breaking Bad Habits]( The chief executives of Exxon Mobil and Chevron are like those guys standing outside the hospital doors, taking a smoke break from chemotherapy. They know the cancer sticks are bad for them, but they just can’t help it. Two blockbuster mergers, [Exxon subsuming Pioneer Natural Resources]( and [Chevron gobbling up Hess Corp.](, reveal a profound commitment to expanding oil and natural gas production, even though they know burning all that fossil fuel will make the summer of 2023 – [the world’s hottest on record]( according to NOAA – one of the coolest of the next century. Alternatively, if global governments keep the promises made in [the Paris Climate Accords](, the mega-mergers could represent the worst misallocation of shareholder funds in the history of capitalism. Either way, we’re all going to suffer the consequences. Climate science is no longer in dispute. Greenhouse gas emissions, mainly from humans burning coal, oil and natural gas, are warming the planet by trapping more of the sun’s heat in the atmosphere. The warming has accelerated in the last 40 years, and [higher average temperatures are beginning to disrupt life on Earth](. No major oil company CEO rejects these facts. But they debate what to do and how quickly. Climate scientists can predict how high temperatures will rise based on the concentration of carbon dioxide in the air. [If we burn all of the oil and natural gas discovered by the industry, our grandchildren will be very, very miserable](. Exxon’s Darren Woods and Chevron’s Mike Wirth are more worried about meeting the global demand for energy and serving shareholders. Their experts believe demand for oil and natural gas will grow, and [their priority is preventing an energy shortage]( that might make us very, very miserable. The oil and gas industry promises it will find technological solutions that will reduce emissions. While there remains no proof that those will work on a large scale, Wood, Wirth, and the rest think the future will take care of itself. Environmentalists have a more straightforward approach: keep fossil fuels in the ground. You don’t need to remove carbon that you don’t release. But that would require oil and gas companies to write off tens of billions of dollars in assets. The recent mega-mergers give the oil and gas industry a financial imperative to oppose emission control efforts. The fight against climate change is about to get dirtier in every sense of the word. TEXAS BOOK FESTIVAL! I’ll be [interviewing Dr. Peter Hotez in Austin on Sunday, Nov. 12 at 10 a.m.]( about his new book, [“The Deadly Rise of Anti-Science.”]( We’ll be in [C-SPAN](’s BookTV tent if you want to join us in person, or you can watch live on C-SPAN2.   [Photo of Chris Tomlinson] Chris Tomlinson, Business Columnist   --------------------------------------------------------------- What Else I'm Writing [Retired Senior Citizens Carrying Pro-Medicare Signs. ]( [Medicare Advantage comes with drawbacks]( Original Medicare and Medicare Advantage offer very different customer experiences.   [Power inverters are seen in a battery storage yard Tuesday, Sept. 12, 2023, at the Blue Jay solar and storage plant in Iola.]( [Prop 7 distorts markets, will not help grid]( Industry lobbyists spoke against the Legislature's low-interest loans for natural gas power plants.   --------------------------------------------------------------- What I'm Reading Must Read: [U.S. Supreme Court to consider Texas case that could allow abusers to have guns]( (Houston Chronicle and San Antonio Express-News) Should Read: [Nick Fuentes is just the latest white supremacist embraced by Defend Texas Liberty]( Antisemitism runs deep in Texas’s most influential conservative political action committee. (Texas Tribune) Interesting Read: [New SAT Data Highlights the Deep Inequality at the Heart of American Education]( Family wealth is the number one determinant of an SAT score, not student performance. (New York Times) Technical Read: [Policies that reduce intergenerational poverty]( One-third of children who grow up poor in the United States will also experience poverty as adults. (Brookings) Fun Read: [When New York Visits the High Plains: Louise Nevelson in Amarillo]( The renowned sculptor visited at least seven times between 1960-1972, showing art, giving talks and leading workshops. (Glasstire)   --------------------------------------------------------------- Question of the Week Would you buy stock in an oil company right now? Reply directly to this email and tell me your thoughts.   --------------------------------------------------------------- Mailbag Last Week’s Question: What truths do you avoid to keep from feeling guilty? “I am conflicted about eating meat, especially pork and beef, because they are fellow mammals, and the corporate farming of them increases greenhouse gasses. At my age, it's hard to change.” – Vicki Schmidt, Boerne “As I've grown older, I've also grown more comfortable recognizing my own hypocrisy and shortcomings, although I do not enjoy facing them.” – Greg Groh, Houston Author’s Note: We received only two responses to last week’s question, so I will share an answer. In my books, I wag my finger at my ancestors for standard historical practices, such as enslavement and bigotry. But I also wonder what future generations will condemn us for. Eating meat and burning fossil fuels immediately spring to mind. I haven’t given up either one, but I am trying to phase both out.   --------------------------------------------------------------- The Takeaway [Marvin Gaye popularized]( [Edgar Allan Poe’s advice]( to believe half of what you see and some or none of what you hear back in 1968, but the admonishment has never been more relevant. Today, when we hear something through the grapevine, we’re usually talking about the internet. Humanity has never faced such a giant firehose of disinformation. Cheap editing software and artificial intelligence allow people to create deep-fake audio and video recordings on an industrial scale. Social media makes global dissemination too simple. Propagandists are feeding the world with fake or falsified imagery from [the Gaza Strip]( and [Ukraine](. The 2024 election promises to take disinformation to another level. [A Public Affairs Pulse Survey conducted last month found that 63% of Americans believe fake imagery and false news will shape the outcome](. But the damage is already done. Only 37% of voters believe the election will be honest and open to rightful voters, the poll found. Americans need to get their guard up. More than ever, we need to rely on trusted journalists whose job is to sort out the facts. We are not always perfect, but at least we have our customers’ interests at heart.   --------------------------------------------------------------- Share With Your Friends Do you know someone who would like Tomlinson's Take? For the Houston edition, [send them here to sign up](; for the San Antonio edition, [send them here](.   --------------------------------------------------------------- More Newsletters Required Reading News and analysis on San Antonio area schools, colleges and universities. 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