GXY (ASX) Banter and General Comments

Originally posted by schmunzel75: ↑

I highly recommend to read this article. Thanks for posting @Gameplanon. It is disgusting how the misguided US/Canada oil and bank industry continues to affect our planet and future generations who will have to clean up our mess. I hope there is a hell for people like these:

Tellingly, the report also found that the four biggest global bankers of the fossil fuel energy sector are all US banks — JPMorgan Chase, Wells Fargo, Citi, and Bank of America. This is not to say that banks in the rest of the world aren’t also making nuisances of themselves, with Barclays of England, Mitsubishi UFJ Financial Group (MUFG) of Japan, and RBC of Canada all continuing to heavily finance the industry. But, as highlighted by the authors of the report, “The massive economic weight of the US oil and gas industry can be easily seen in the fact that the top four bankers of climate change are all headquartered in the United States” and, further, two more US banks — Morgan Stanley and Goldman Sachs — serve to fill out the top 12, meaning that “all six of the US banking giants are in the top dirty dozen fossil banks” and “account for an astonishing 37% of global fossil fuel financing since the Paris Agreement was adopted.”

A few banks known to GXY investors named here which have their dirty fingers in GXY as well. I start to believe that the oversupply BS propaganda and manipulated sentiment change against battery materials is orchestrated by US/Canada oil. After decades of depending on oil imports, the US significantly weaned itself from oil imports while its consumption continues going up. Canada is the only country which has increased oil imports into the US (to 40% of total imports)
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Huge investments were made in
US liquidified hydrocarbon (oil/gas/fracking/etc) and in particular shale oil which generated in 2018 56% of total US oil production. How to protect these investments from becoming worth zilch when the EV revolution turns into full swing? You ask your friends at Wall Street to sabotage funding and sector wide sentiment: Goldman Sachs, Morgan Stanley, JPMorgan Chase, Wells Fargo, City, Bank of America, RBC of Canada, Mitsubishi UFJ and Barclays.

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They are in trouble either way given their high production costs, as EV’s wind up and demand for oil drops they will be the first to go as OPEC flood the market from cheap producers.
The slow death spiral for oil/coal will speed up and catch many holding stranded assets.

The move of world economic domination from US to China means unless China decide to kill EV’s the scenario is inevitable.

Everyone should be shorting oil/coal stocks

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