The Oil industry has long been one of the most successful and reliable industries in the world, but it is becoming apparent that this success is fleeting. In his blog, Amanjot Chahil commented on the difficult business decisions faced by oil giant Enbridge. Amanjot mentioned that the oil company must place the safety of their oil transportation and the rights of Aboriginals as some of their top priorities, but that this would compromise the speed and profitability of oil transportation for the company. Many oil companies like Enbridge are facing similar dilemmas all over the world. The harmful effects of the oil industry are becoming apparent and the profitability of oil production is going down. Alternatives to fossil fuels are already becoming plentiful. Renewable energy is becoming more efficient, attainable, and profitable every day. Electric vehicles are becoming more practical than gas-powered alternatives and may soon be as affordable.

This is the reason why The Rockefeller Brothers Fund, a fund made possible by John D Rockefeller’s oil fortune, has recently decided to sell all investments in fossil fuels and reinvest in renewable energy. Not only did the fund take into consideration the negative effects that fossil fuels have on the environment, but also the fact that the industry is in decline while renewable energy is on the rise. Referring to John D. Rockefeller, the richest person in history due to oil investments, the manager of the Rockefeller Brothers Fund, Stephen Heintz stated “We are quite convinced that if he were alive today, as an astute businessman looking out to the future, he would be moving out of fossil fuels and investing in clean, renewable energy.”

Renewable energy is becoming more efficient and a safer alternative to oil and gas Source: http://www.sungevity.com/images/whygosolar/bkg_heyamerica.gif

Sources:

http://www.bbc.com/news/world-us-canada-29310475