But, I digress....
Lord Rothschild took a £30m gamble on the offshore oil specialist Transocean just months before the explosion on its drilling platform
The stake is Lord Rothschild's third-largest in a quoted company, according to the accounts of his investment vehicle RIT Capital Partners, and was valued at £28.9m at March 31. Following the disaster on the Deepwater Horizon rig, which was being leased for BP, Transocean shares have almost halved, leaving RIT facing a £15m loss.
The investment in Transocean met RIT's strategy of increasing its exposure to the energy sector
Among that is a £60m pot that has been set aside for Agora, a fledgling North Sea oil and gas exploration company.
Mikael Breuer-Weil, RIT investment director, said he would consider selling the Transocean stake.
"If we can find other drilling assets that are compelling but carry less of a liability threat we would transfer," he said. "But it doesn't change our fundamental view that oil prices will be under upward pressure over time."
It doesn't change our fundamental view that oil prices will be under upward pressure.
After you have wiped your tears for Lord Rothschild's monetary loss.... let's talk about global warming.
For the believers in the man made global warming theory, the ones who seem to think that we will move away from oil, the use of oil, the need for oil, however you wish to think about it?
This will not be the case, and I believe that position has been mentioned here. On numerous occasions.
There will be no move away from oil. Anyone who believed that the oil companies were funding the debate of the naysayers is mistaken. As I have said the oil giants whether it is BP, Chevron, Exxon, it doesn't matter, benefit from the man made global warming theory.
How do they benefit? The 'need' to combat the scourge of co2 gases warming the earth will cause energy prices to move higher. Including oil. As Lord Rothschild's investment firm fundamentally believes oil is going higher in pricing. (Is it possible, they have the inside track?)
Therefore, the oil extraction companies have nothing to lose, not one red cent, by a move to a cap and trade or a carbon credit system. Despite what some green guru's may say!
The overall increase in all energy prices will do nothing but benefit the bottom line for big oil.