Former U.S. Vice President Al Gore likens today’s fossil fuels to the subprime mortgages of the last decade that triggered the global credit crisis. Their value “is based on an assumption every bit as absurd,” specifically the notion that all known oil, gas and coal will be consumed. “Investors who haven’t yet come to grips with the stranding problem are like the classic scene in the Road Runner cartoons where the coyote runs off the edge of the cliff, and his legs keep moving for quite a long time before gravity takes hold,” Gore said by phone from Nashville, Tennessee. “There are investors out there whose legs are moving in mid-air.” bloomberg/news/2014-12-02/oil-investors-may-be-running-off-a-cliff-they-can-t-see.html
Posted on: Tue, 02 Dec 2014 23:41:16 +0000
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